Friday, September 4, 2015

Behind MLM.com: Is USFIA tied to Options Giant Ponzi scheme?

(Mod: As you know, USFIA is the Arcadia-based company that has become somewhat famous (or infamous) as the creator and marketer for the amber mine backed crypto-currency known as "GemCoins" (link). The blog BehindMLM.com, which follows such things internationally and on a near daily basis, describes it all this way: "For those unfamiliar with USFIA, the company operates the GemCoin Ponzi scheme. Through its GemCoin, USFIA have primarily targeted Arcadia’s Chinese community for investment fraud." We have been covering this here because of the connection between USFIA, its president Steve Chen, and Arcadia Councilmember John Wuo. This is an evolving story, and thanks to the article we're reprinting below, the plot now thickens.


(Mod: The link to this article in its original setting is here. You really should go there so you can view all of the informative links they have provided. Including some coverage from right here on the Sierra Madre Tattler.

sierramadretattler.com

24 comments:

  1. This GemCoin thing is about as slimy as it gets. Arcadia seems to be right at the epicenter. The District Attorney really now needs to be involved and not just the Tattler.

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  2. Is the Arcadia City Attorney looking into this at all?

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    1. You mean the attorney firm that fought for Arcadia to keep stealing Sierra Madre's water? That would be Best, Best & Kreiger. No friends of the common man, that;'s for sure.

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    2. Dewey, Cheatham & Howe.

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    3. Best Best and Kreiger:
      "Our attorneys work closely with the firm’s Public-Private Partnership group to assist our clients in finding creative solutions to their development needs.

      Whether you are a public agency seeking to explore new ways to do economic development following the dissolution of redevelopment agencies, a private developer looking to move projects forward without the tools of former redevelopment agencies, or a housing authority wanting to create more housing opportunities in your community, BB&K has the expertise and experience to assist you.

      Our attorneys specialize in assisting public and private clients in all phases of project development, including pre-development planning, negotiation, financing, contracting, construction, and litigation when necessary. Additionally, BB&K has an entire practice group devoted to eminent domain acquisitions, allowing you to save time and money as we address all your development concerns simultaneously.

      BB&K has previously served as general or special counsel to more redevelopment agencies than any other firm in California. This experience makes us uniquely qualified to assist our public and private clients with the wind-down process required by AB 1X 26 and the transition to new ways of doing economic development, real estate development, and affordable housing in California’s post-redevelopment era."

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    4. Baffle 'em with BS at BB&K.

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  3. "In the meantime, a round of applause for Arcadia’s Chinese community. Y’all well on the way to establishing your little city as the west coast Ponzi capital." Ouch.

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  4. It could be the infiltration is too deep inside Arcadia City Hall and the F.B.I. and the Ethics Squad from Los Angles County needs to plan a early A.M. raid and close city hall and give polygraph tests to all employees etc.

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    1. Ethics Squad? What the hell is that??

      The U.S. Department of Labor has rules regarding polygraph examinations, and they are known not to be 100% accurate. Their results can not be used in a California criminal court.

      Commentary which makes no sense doesn't help lead to fixing the problem.

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    2. Better stick to the FBI. They really do need to be looking into this.

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    3. Yes, I agree. Arcadia needs a good looking over. There are just too many unanswered questions now.

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  5. I spoke with a Chinese woman I know from Zumba classes for the past 10 years and she said she sees the Chinese community today in four general groupings that make it much more complex to discuss (and by the way, she was getting out of a two story house into a smaller single story house now that her children are grown and gone--sound familiar?)
    Chinese who have been here pre WWW 2 (you might even take that group back to the Gold Rush era);
    Post Chang Kai Shek vs mainland Communist conflict (this group has been very Republican, conservative a la the Cuban anti-Castro Florida attitude);
    Immediate to the return of Hong Kong and Kowloon to Mainland China by the British--big flow of money out of those areas by businessmen into the US: Arcadia/Monterey Park/Alhambra/Temple City, etc.;
    Now, big corruption money headed our way!

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  6. Wow, too hot to handle !

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  7. There are a lot of Taiwanese (ROC) dual citizenship immigrants here also, don't you dare call them Chinese thems fightin' words no love between the two. Taiwan is a Democracy!

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    1. "John Wuo was born in Taipei, Taiwan and first came to America in 1966 for a medical procedure. He recuperated with a hospital volunteer and her family and stayed with this family until his graduation from La Canada High School in 1968. John went on to attend the University of Redlands where he received his Bachelor of Science degree in Engineering in 1972."

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    2. Attitudes to the mainland depend on whether you are more into the Green Party or the Blue Party.

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    3. The University of Redlands must be so proud to count him an alumni. I'm embarrassed for my school.

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  8. That explains a lot he is a true Capitalist in the American tradition!!

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    1. GemCoin is backed by amber mine.

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    2. US dollars are backed by gold... no silver... wait a sec, lemme check on that.

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  9. All of Arcadia is Communist and so are you.

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  10. Hmmm... Best, Best & Krieger is the same firm that worked for the City of Bell and signed off on the embezzlement of Robert Rizzo et al. Maybe Arcadia's atty Stephen Deitsch is just as bad but let's hope the reign of Chandler, Tay and Wuo ends before they can enrich themselves like Rizzo or the Arcadia developer slime balls they support.

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  11. So, off subject, seems Elaine has hired 2 new employees. Guess no citizens from Sierra Madre were hired.

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