• Latest
Gemcoin Founder Agrees to Plead Guilty to Fraud, Tax Evasion for $147M Scheme

Gemcoin Founder Agrees to Plead Guilty to Fraud, Tax Evasion for $147M Scheme

February 19, 2020
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

Gemcoin Founder Agrees to Plead Guilty to Fraud, Tax Evasion for $147M Scheme

coinnewsdaily by coinnewsdaily
February 19, 2020
in Tech
0
Gemcoin Founder Agrees to Plead Guilty to Fraud, Tax Evasion for $147M Scheme
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Steve Chen, the ringleader behind the $100 million-plus Gemcoin fraud of 2013-2015, agreed to plead guilty Wednesday to tax evasion and conspiracy to commit wire fraud.

The 62-year-old San Gabriel Valley resident will face a minimum of 10 years in prison, according to the Department of Justice (DOJ).

As part of his plea agreement, Chen admitted to running and promoting U.S. Fine Investment Arts (USFIA), an Arcadia, Calif., company that peddled investors its “Gemcoin” digital currency, backed by gemstones that did not actually exist.

The multi-level marketing scheme attracted 70,000 victims worldwide in its two years of operation for a total haul $147 million, according to the DOJ.

According to the DOJ, part of Chen’s plea acknowledges he reported income of $138,000 in 2014, far less than the $4.8 million he actually took in that year.

“Mr. Chen lured victim investors around the globe by creating a mirage made of fashionable cryptocurrency features and dynamic marketing tactics,” said Paul Delacourt, the assistant director of the Federal Bureau of Investigation’s Los Angeles Field Office, in the DOJ statement.

USFIA also triggered a whirlwind of chaos in local California politics. An Arcadia councillor loosely associated with the project resigned under pressure less than a week after the U.S. Securities and Exchange Commission raided USFIA’s headquarters in 2015.

Read the full plea agreement below:

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Tags: Crypto Tech
Share76Tweet47
Previous Post

On-chain Activity Suggests Bitcoin Price Volatility Will Continue, Thanks to ‘Whales’

Next Post

OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)

OpenNode Finds Way for Retailers to Turn Fiat Payments Into Bitcoin (Using Apple Pay)

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$20,923.00-2.37%
  • ethereumEthereum(ETH)$1,208.15-1.68%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$237.90-0.99%
  • rippleXRP(XRP)$0.350408-3.85%
  • cardanoCardano(ADA)$0.488737-3.38%
  • SolanaSolana(SOL)$38.67-5.77%
  • dogecoinDogecoin(DOGE)$0.071624-7.08%
  • polkadotPolkadot(DOT)$7.73-4.91%
  • Shiba InuShiba Inu(SHIB)$0.000011-6.51%
  • daiDai(DAI)$1.000.12%
  • tronTRON(TRX)$0.066883-2.49%
  • leo-tokenLEO Token(LEO)$5.80-1.35%
  • matic-networkPolygon(MATIC)$0.53-9.15%
  • litecoinLitecoin(LTC)$55.72-4.51%
  • FTXFTX(FTT)$27.46-1.31%
  • OKBOKB(OKB)$12.37-2.98%
  • CronosCronos(CRO)$0.125018-2.33%
  • chainlinkChainlink(LINK)$6.59-5.06%
  • stellarStellar(XLM)$0.119108-3.32%
  • cosmosCosmos Hub(ATOM)$7.83-7.23%
  • algorandAlgorand(ALGO)$0.331442-3.93%
  • ethereum-classicEthereum Classic(ETC)$16.42-5.59%
  • moneroMonero(XMR)$120.51-6.37%
  • bitcoin-cashBitcoin Cash(BCH)$111.29-4.28%
  • vechainVeChain(VET)$0.024856-1.68%
  • tezosTezos(XTZ)$1.669.14%
  • Internet ComputerInternet Computer(ICP)$5.90-1.31%
  • theta-tokenTheta Network(THETA)$1.35-3.56%
  • filecoinFilecoin(FIL)$5.81-4.32%
  • ElrondElrond(EGLD)$55.52-4.71%
  • bitcoin-cash-svBitcoin SV(BSV)$59.21-4.60%
  • eosEOS(EOS)$0.99-3.35%
  • AaveAave(AAVE)$66.80-1.38%
  • makerMaker(MKR)$999.25-4.69%
  • paxos-standardPax Dollar(USDP)$1.00-0.04%
  • huobi-tokenHuobi(HT)$5.30-1.36%
  • iotaIOTA(MIOTA)$0.291358-2.16%
  • zcashZcash(ZEC)$62.00-7.36%
  • neoNEO(NEO)$9.52-3.61%
  • zilliqaZilliqa(ZIL)$0.043986-7.07%
  • basic-attention-tokenBasic Attention(BAT)$0.393735-3.90%
  • wavesWaves(WAVES)$5.80-6.74%
  • havvenSynthetix Network(SNX)$2.43-12.40%
  • dashDash(DASH)$49.08-4.59%
  • PancakeSwapPancakeSwap(CAKE)$3.38-1.30%
  • KusamaKusama(KSM)$53.79-2.61%
  • nemNEM(XEM)$0.042289-0.29%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • CompoundCompound(COMP)$50.73-4.74%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$3.03-2.75%
  • bitcoin-goldBitcoin Gold(BTG)$17.15-2.55%
  • omisegoOMG Network(OMG)$2.020.73%
  • golemGolem(GLM)$0.2607146.65%
  • SushiSushi(SUSHI)$1.16-3.93%
  • ontologyOntology(ONT)$0.2517062.72%
  • yearn-financeyearn.finance(YFI)$6,087.82-8.29%
  • umaUMA(UMA)$2.71-3.13%
  • digibyteDigiByte(DGB)$0.010035-6.58%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....