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 USFIA owner Steve Chen (right) and top investors.
This was gleaned from requests from around fifty USFIA victims to withdraw otherwise legitimate claims.
When the Receiver questioned these individuals, investors indicated that they believed Defendant Steve Chen and the USFIA program will continue and they will recover their original investment through future operations.
The Receiver is concerned that Mr. Chen or the so-called “Leaders” who also acted as sales agents are spreading false information and may be engaging in new sales activities related to a new scheme.
It is unclear whether the Receiver can convince those investors who believe in Steve Chen’s vision or who are fearful of being watched by the government to change their minds and submit claims, however, the Receiver believes that further outreach and instruction will generate many more claims.
To any USFIA victims withholding the filing of claims or thinking about withdrawing, please don’t fall for Steve Chen’s bullshit.
With or without your claim USFIA victims with valid claims will receive distribution payments out of what has been recovered.
USFIA was a Ponzi scheme with no legitimate business operations. Steve Chen is a scammer who, along with top USFIA investors, stole your money.
There is no reload scam you’re going to earn your money back through. USFIA and Chen are finished.
If the Receiver’s request for an extension is granted, the new claims bar date will be October 1st, 2018. Any claims received after this date won’t be allowed.
Again, if you lost money in USFIA and have a valid claim, whether you file a claim or not won’t stop others from receiving distribution payments.
The only thing you’ll achieve by not filing a claim is cementing your individual USFIA Ponzi losses.