USFIA victim claims process to be submitted “in the coming days”
Although monetary relief is still a ways off, USFIA victims can probably except a claims process to go live before mid 2018.
In his January 29th Tenth Interim Report, the USIFA Receiver claims he’s developed a “recommended claims process”.
The claims process will be filed in court “in the coming days” and if approved, ‘will commence work leading to a distribution to investor/victims‘.
How much USFIA victims will receive is impossible to determine at this stage, primarily as how much USFIA victims are going to claim has yet to be established.
At the time of publication the USFIA Receivership is sitting on $46.4 million dollars, most of which will ultimately be paid out to victims.
Several seized USFIA related properties remain on the market, which will add to the balance.
Clawback litigation against Steve Chen’s ex-wife is also expected to add another $5 million or so for distribution.
83 bank accounts used by USFIA and Steve Chen are also being analyzed.