USFIA @ BehindMLM

Putting off the inevitable, breaking news out of Arcadia tonight that John Wuo has resigned from the Arcadia City Council. As per a letter submitted to sitting mayor Gary A. Kovacic: Dear Honorable Mayor Kovacic, It is with great regret and sadness that I have to resign from my position as council member, effective immediately due [Continue reading…]

For those unfamiliar with it, California’s Political Reform Act requires reports of receipts and expenditures in campaigns for state and local offices and ballot measures. limits expenditures for statewide candidates and measures. prohibits public officials from participating in governmental decisions affecting their “financial interests” and requires certain public officials to disclose certain assets and income. [Continue reading…]

The strongest indication that Steve Chen has not fled the US yet, comes today via two SEC filings. Following the granting of a TRO against USFIA and Chen last month, at some point in the future a preliminary injunction hearing would need to take place. If granted, a preliminary injunction would make permanent the closure [Continue reading…]

The SEC’s civil case against USFIA has finally been unsealed, with a declaration filed by SEC attorney spilling details on the investigation. As per a declaration by Peter Greco, filed on September 28th; In November 2014 the SEC began to receive information from individuals claiming to have invested in, and been defrauded by USFIA. The [Continue reading…]

In an apparent continuation of the threats of violence that saw USFIA protests called off (prior to its regulatory shutdown), USFIA investors in China and Malaysia have called for two whistleblowers to be assassinated. The disturbing revelations see the fallout of USFIA, who ran the $32 million dollar GemCoin Ponzi scheme, turn distressingly ugly.

If I was sure of anything MLM this year it was that by the end of the year, we’d see at least one MLM cryptocurrency offering busted by regulators. That cryptocurrency was USFIA’s GemCoin, busted earlier this week by the SEC. As with the MLM penny auction craze sparked by Zeek Rewards a year back, [Continue reading…]

As we reported on a GemCoin party in Arcadia and Amber queen pageant in Singapore, the SEC was in the midst of halting USFIA’s business operations. In a complaint filed under the seal on September 22nd, the SEC alleged USFIA is a $32 million dollar Ponzi scheme..

Better late than never? Following the SEC and having shut it down, the Business, California’s Department of Business Oversight has issued USFIA, Steve Chen, Leonard Stacy Johnson and Weiwen (Wayne) Zhao a cease and desist.

Details are sketchy, but from what I’ve been able to put together the SEC filed for a sealed Temporary Restraining Order against USFIA, Steve Chen, Alliance Financial Group, Aborell MGMT LLC, Aborell Advisors LLC, Aborell Reit II LLC, Ahome Real Estate LLC, Amkey Inc, US China Consultation Association and Quail Ranch Golf Course LLC on the 22nd of September. The TRO was granted by an Arizona [Continue reading…]

Continuing the tradition of Asian-run Ponzi schemes intertwining themselves with lavish displays of ceremony, USFIA recently held a “jewelry queen pageant” in Singapore. Present at the event appears to be someone of significance who, following in the footsteps of John Wuo before him, handed out oversized checks for hundreds of thousands of dollars to USFIA’s top [Continue reading…]