Tagged: USFIA

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USFIA Receiver to hold claims meeting for investor victims

Still stalling about filing your USFIA victim claim? Got questions you need answered in person?Well, you’re in luck.
The USFIA Receiver has announced the Receivership will be holding a “claims meeting” for USFIA investors on October 16th.
In order to make sure the maximum number of claims are filed, the Receiver will have a meeting open to all investors who need assistance with their claims.
The meeting will be at the Embassy Suites Hotel located at 211 E. Huntington Dr., Arcadia, CA at 2:00 p.m.
The meeting will last for several hours.  Parking is complimentary.
The Receiver will bring a Chinese-speaking translator to help investors with their…

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USFIA Receiver seeks 90 day victim claim submission extension

Despite being able to file claims since April, a surprisingly small number of victims have thus far sought to recoup their losses.Owing to a “substantially lower than anticipated” number of submitted claims, the Receiver is seeking a 90 day submission extension.
As per the court’s original March order, June 29th was the final day USFIA victims could file their claims.
Despite financial records revealing tens of thousands of victims, since then only “a few thousand” have filed claims.
Analysis of communication between the Receiver and USFIA Receivership identified technical issues and difficulty providing accurate information as common problems.
Another disturbing reason is misinformation reportedly spread by…

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USFIA Receiver files second clawback suit against Li Zhao (~$370,000)

The second individual subject to clawback litigation in the USFIA case, is Steve Chen’s wife, Li Zhao (aka Jennifer Zhao).Through a number of shell companies, Zhao received and/or benefited from millions of dollars in stolen investor funds.
The primary company used to launder investor funds for the benefit of Zhao was Ally Investors LLC.
Despite opposition from Zhao, the Receiver has so far managed to recover over $3 million from a frozen Ally account in 2015.
In late 2017 Zhao was also stripped of a $2.3 million dollar San Marino, California mansion, paid for entirely with USFIA investor funds.
Now the Receiver is pursuing additional clawback…

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USFIA victim claim forms published, proof of claim instructions provided

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?)

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USFIA victim claims process approved, deadline set

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…

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

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,…

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

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…

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USFIA civil fraud charges settled for $200 million dollars

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…