THELOGICALINDIAN - Investors who were bamboozled aloft advance into a affected cryptocurrency Gemcoin afresh filed a 100 actor chic activity accusation adjoin its backers
The complaint, filed at a Los Angeles Superior Court by The Liu Law Firm, called 10 defendants allegedly complex in adorable Chinese and US investors into advantageous US Fine Investment Arts, Inc. (USFIA) $10,000 for membership. In acknowledgment of their investments, the defendants promised adorable banking and affluence bonuses.
USFIA allegedly airish itself as a aggregation that owns amber mines in the Dominican Republic. To added prove its claims, the aggregation additionally broadcast ambers — a adored metal — amid its investors. Later, the defendants allegedly publicized Gemcoin as a new cryptocurrency that would be backed by their amber mines. They absorbed investors to acquirement them, while able an absorbing billow in its value.
Both ambers and Gemcoins were after begin to be worthless. The complaint stated:
“There is no way for [plaintiffs] to advertise off [their] Gemcoins nor is there any way for [plaintiffs] to balance [their] antecedent investments because the Defendants’ busy arrangement to see his basic bill based on the amount of gems is annihilation but a carapace game, area the alone assets generated by the Defendants and paid to associates is through the associates fees paid by downline members.”
High Profile Factors
The investors were aboriginal brought to lavishing-looking address of the companies. They were apparent big-ticket entities such as amber rocks and adornment to accomplish an impression. However, what decidedly afflicted investors was the captivation of John Wou, and Solomon Yang with USFIA.
According to the complaint, Solomon Yong had airish himself as the nephew of Chinese President Xi Jinping. His alleged political accomplishments helped USFIA creating a accurate aplomb amid investors. His alms was added accurate by John Wou, who was the again charing the position of the City of Arcadia’s mayor. The baby-kisser additionally appeared in contest and assorted YouTube videos, while acknowledging Gemcoin and its backers.
Wou accommodated from his appointment lately, citation bloom concerns.
Investigations
Lately, the US Securities and Exchange Commission launched an investigation into the individuals and companies complex in the declared scam. Following the crackdown, a Federal Judge adjustment to benumb the assets of USFIA.
The FBI and the California Department of Business Oversight are alone investigating USFIA’s arch Steven Chen, additionally one of the defendants.
