January 11, 2021
Posted January 11, 2021
Steve Chen was sentenced to 10 years in prison following his guilty plea to charges arising from his promotion of a pyramid/Ponzi scam that netted $147 million from tens of thousands of investors. Chen told victims that they could purchase interests in U.S. Fine Investment Arts, Inc. and other companies owned by him, falsely claiming that those companies mined and sold amber and other gemstones, and enlisted those investors to recruit others by awarding them bonuses and “Gem Coins” that he claimed were a digital currency. USAO CD Cal
Tagged in: Criminal Proceedings, Cryptocurrency, Financial and Investment Fraud, Ponzi Schemes,