A Southern California man who bilked investors worldwide out of $147 million in a pyramid scheme was sentenced Monday to 10 years in federal prison.
Steve Chen, 63, of Bradbury in the San Gabriel Valley, was sentenced by U.S. District Judge John F. Walter, who said Chen’s “litany of lies” promotedChen owned U.S. Fine Investment Arts between 2013 and 2015. The firm sold fake investments, “points” for shares when the company went public and a phony digital currency called “Gem Coins” that it claimed was backed by mines for amber and other gemstones in the U.S., the Dominican Republic, Argentina and Mexico, prosecutors said.
Some 72,000 victims invested. In the style of a classic pyramid scheme, some money was used to repay early investors, but most lost their money to Chen, authorities said.“The company did not generate any significant revenue from its business operations, apart from sales of investment packages to victim-investors,” the U.S. attorney’s office said.
Chen pleaded guilty last summer to one count of conspiracy to commit wire fraud and one count of tax evasion. He was ordered to repay nearly $1.9 million to the Internal Revenue Service, and a July court hearing has been scheduled to decide how much he must repay investors. Leonard Johnson, 54, of Huntington Beach, who worked with Chen, pleaded guilty in 2019 to tax evasion and making a false statement on an immigration document. He awaits sentencing.
10 years for money fraud. A slap on the wrist. This bastard knew exactly what he was doing. You don’t just make $140+million in global investments. These people need locked up for no less than 30 years. Maybe when there are heavy consequences this’ll stop.
Perhaps it will be better for him not to have to suffer Trump's re-election.
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THE VIDEO EVERYONE IS TALKING ABOUT!!! JUST EXCUSE THE FIRST MINUTE. WE DON’T EDIT:)
Me and my daughter were just today looking at houses. We passed a street of homes bigger than a city block. She said ' who owns these. Where do they work to have this? Hmmm.
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Judgejail
sounds like he’s a immigrant
He should be going to prison for the rest of his life. 72,000 victims.
You mean to tell me I can scam almost $200 million dollars and I’ll only get ten years?!? 😑