USFIA Receiver recovers $186,628 from Maria Wei Wang Shu
The USFIA Receiver has sought approval of a settlement with Maria Wei Wang Shu.
Shu was the recipient of a property purchased by a related USFIA entity.
According to the Receiver’s investigation, the property in question was purchased in 2012 by Steamfont Investment Group for $373,255.
The Receiver alleges Steamfont Investment Group was an entity tied to USFIA.
In 2014 the property was transferred to Maria Shu for unknown reasons.
Title to the Property was held by Steamfont LLC, but was then transferred to Shu in January 2014 with no value paid in return.
The recorded grant deed stated that the transfer was a “bona fide gift” to Shu.
When the Receiver contacted Shu to demand she turn over the property,
Shu claimed that she had an agreement with (USFIA’s) former operator, Steve Chen, to purchase the Property, and further claimed that she had paid money to the Receivership Entities in exchange for title to the Property.
The Receiver asked Shu to provide documentation to support her contentions.
While Shu provided some documentation in response, including a wire receipt for payment of $505,000 to the Receivership Entities, none of the documents show direct evidence of Shu’s agreement with Chen or demonstrate that Shu funded the wire in exchange for the Property.
Further negotiations between the Receiver and Shu lead to an eventual $186,628 proposed settlement.
As noted by the Receiver, this is roughly half of what USFIA paid for the property.
To fund the payment, and because Shu claims that she does not have sufficient cash to pay the settlement, Shu will transfer title to the Property to the Receiver pursuant to a grant deed, and the Receiver will proceed to sell the Property.
After the property is sold, the Receiver will collect the agreed settlement amount and “any costs and expenses associated with the sale”.
Shu gets what’s left.
The Receiver submitted proposed settlement approval with Shu back in late May.
The court approved the proposed settlement on July 1st.
Maria Shu appears to have been tied to USFIA through Weimar International Group, a now defunct entity she incorporated back in 2014.