USFIA victim claim forms published, proof of claim instructions provided

April 7, 2018 mlmdetective 0

The USFIA Receivership has published victim claim forms and proof of claim instructions.The Claims Bar Date has been set for June 29th, 2018, meaning any USFIA investors who lost money must file their claim before that date.Note that only real losses (initial investments) are able to be claimed, Ponzi ROIs and reinvested ROI payments are barred as per the court-approved claims process.Victims must also be able to demonstrate actual losses (verbal proof is not enough).Claim forms in both English and Chinese are available on the USFIA Receivership website.Again, these forms must be submitted to the Receivership by June 29th.Let’s block ads! (Why?)

USFIA victim claims process approved, deadline set

March 13, 2018 mlmdetective 0

Following on from a USFIA victim claims process submission announced in late January, the submitted process received have received court-approval.As per a March 7th order, the Receiver isauthorized to proceed with Phase One of the claims process as reflected in the Motion and report back to the Court with his findings and a proposal for Phase Two of the claims process.Phase One of the claims process is making USFIA victims aware of the process and collecting filed claims.A claims bar date has been set for June 29th, 2018, after which Phase Two of the claims process will commence.This will see the…

USFIA victim claims process to be submitted “in the coming days”

January 31, 2018 mlmdetective 0

Although monetary relief is still a ways off, USFIA victims can probably except a claims process to go live before mid 2018.In his January 29th Tenth Interim Report, the USIFA Receiver claims he’s developed a “recommended claims process”.The claims process will be filed in court “in the coming days” and if approved, ‘will commence work leading to a distribution to investor/victims‘.How much USFIA victims will receive is impossible to determine at this stage, primarily as how much USFIA victims are going to claim has yet to be established.At the time of publication the USFIA Receivership is sitting on $46.4 million dollars,…

USFIA Receiver seeks $5.3 million clawback from Steve Chen’s ex-wife

October 19, 2017 mlmdetective 0

While gullible USFIA investors were lead to believe they were investing in GemCoin points backed by valuable amber, on the back-end Steve Chen was siphoning off millions of dollars to enrich himself and his family.One recipient of stolen USFIA investor funds was Wei He, Chen’s ex-wife.The USFIA Receiver alleges He received over five million dollars of invested USFIA funds is seeking full recovery.In an October 17th motion seeking authority to pursue claims against He, the Receiver alleges He, her Wei He Trust and companies Ahomeland Inc. and Golden Ark Inc., received at least $5.3 million dollars of USFIA investor funds.Forensic accounting has…

USFIA civil fraud charges settled for $200 million dollars

March 15, 2017 mlmdetective 0

Back in January a proposed $145.4 million dollar settlement between Steve Chen and the SEC was filed.On March 13th Judge Klausner approved the settlement proposal and ordered Final Judgement against Chen.As per Judge Klausner’s March 13th order, Steve Chen is “permanently restrained and enjoined” from further violating the Securities and Exchange Act.On the money side of things Chen along with entity companies he previously owned were also held liable for a $51.2 million dollar disgorgement payment plus a $16.7 million civil fine.$3.7 million dollars in interest in prejudgment interest was also awarded.Chen has fourteen days from the order date (March 13th) to…