usfia-logoFollowing consent by Steve Chen, a preliminary injunction was granted against USFIA and related entities on the 6th of October.

The preliminary injunction makes the conditions of the previously granted TRO permanent, which

  • freezes Steve Chen and USFIA’s assets
  • establishes a Permanent Receiver
  • prohibits Chan and USFIA from destroying evidence (destruction of documents) and
  • requires Chen and USFIA to provide the SEC with detailed accounting records within 30 days

Pending the outcome of a trial, Chen and USFIA are also prohibited from

  • selling, offering the sale of or buying securities
  • committing any further fraud and
  • obtaining money or property via untrue statements and/or deception

The current status of Chen, specifically whether or not he is still in the US, is unknown.

Stay tuned…


Footnote: Our thanks to Don@ASDUpdates for providing a copy of Judge Klausner’s October 6th Preliminary Injunction order.


Update 22nd October 2015 – Steve Chen, through his attorneys, has requested an time-extension to file his response to the SEC lawsuit.

An extension to November 12th was requested, which the SEC has assented to.