|Happier times for GemCoiners.|
Update Sep 30 5:00 AM PDT: Kasey Chang has added a new report to his A (MLM) Skeptic site on the history of Steve Chen's various "enterprises." Lots of fascinating details on just how things did get to this point. Great background for those who are catching up with this story (Link here).
Update Sep 30 4:50 AM PDT: Behind MLM report can be linked to here. Hilarious captions added to Terry Miller's photos. Great comments from Behind MLM's highly astute readership give additional insight. These guys were all over the GemCoin ponzi scheme from the very beginning.
Update Sep 30 4:30 AM PDT: Epoch Times has a story up, though if you are not a Mandarin speaker you will likely need to use an on-line translator (link). According to OZ at Behind MLM you can view "the Receivership’s website from that report, although it’s not ready yet (currently using template information from another case). Registered less than 24 hrs ago: usfiareceiver.com."
Update Sep 29 9:30 PDT: Some great photos from Beacon Media's main man Terry Miller just arrived. Many of them shots of USFIA employees fleeing after having been booted from their offices by the Feds. The chopper is ICE, which is interesting. Also, a lot of Mercedes Benzes in that lot. I guess when you're using other peoples' stolen money you can buy your employees nice cars. What happens to those people now?
For the rest of the Pasadena Star News article click here.
Update Sep 29 5:15 PDT: Copy of the SEC's Temporary Restraining Order below. The FBI and SEC are now in the USFIA offices seizing everything. FBI showed up at 1PM and started clearing out the building. Everything is going into boxes and being taken away for further evaluation.
Update Sep 29 5:25 PDT: Several FBI officers were at John Wuo's house today. Arcadia PD was brought in as backup. Arcadia now joins Bell, Cudahy and Santa Fe Springs as cities with officials braced by the Feds in the last 5 years. We apparently are in the evidence gathering stage, and the Feds must having figured Johnny GemCoins has got some.
Note: The Honorary Chairman of the US/China Consultation Assoc cited on the SEC complaint and in the list of seized bank accounts is none other than John Wuo. Small world, eh?
Update Sep 29 5:40 PDT: USFIA/Chen bank assets seized. Graphic in a few minutes.
Update Sep 29 6:50 PDT: Bank seizure documents now just below the SEC document.
Bank Account seizure documents.
7:45 Sep 29 PDT: Comment from the invaluable Behind MLM website (link): "The SEC’s filing against USFIA marks the first regulatory action we’ve seen against an MLM cryptocurrency opportunity in the US."
So is the party now over for John Wuo and Steve Chen? More updates as they arrive.