Wednesday, September 30, 2015

Breaking: SEC/FBI Raids Offices of USFIA's Steve "GemCoins" Chen - FBI at John Wuo's House Earlier

Happier times for GemCoiners.
Update Oct 1 6:45 AM PDT: Terry Miller clocks in with this Arcadia Weekly article (link).

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?


Update Sep 29 9:00 PDT: Pasadena Star News weighs in.


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.


sierramadretattler.blogspot.com

76 comments:

  1. Wooooo!!! Oops, I mean Wuooooo!!!

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  2. Will Johnny GemCoins show his mug at tomorrow night's council meeting?

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    1. Maybe there's a warrant for his arrest and the feds will pick him up at the City Council meeting and place him in handcuffs. Wouldn't that be great to see.

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    2. Not that kind of lawsuit, AFAIK.

      Madoff went to jail because he confessed. And even then he bailed out right after he confessed to his lawyer and his lawyer called FBI.

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  3. Congratulations to the Tattler for being a true part of the free press.

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    1. I'd light up a cigar on that and I don't smoke!

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    2. Perp Walk! I wanna see a Perp Walk!

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    3. The Tattler has done some amazing things over the years but this takes the cake.

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  4. Justice will be served thanks to Tattler.

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  5. God Bless America!

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    Replies
    1. Amen! And God bless the free press.

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    2. Thank God for the Feds. Shut these criminals down!!

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    3. This is a huge development. The Tattler kept this story alive and now justice will be served. A message has also been sent that American is not communist China where corruption is rampant. That corruption will not be tolerated in this country. That's not the way we do business here.

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  6. This comment has been removed by a blog administrator.

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  7. Is the Amber Gem Queen safe?

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    Replies
    1. Doubt will there even be one this year.

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    2. There is always the Doo Dah Parade.

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    3. Is GemCoin still backed by Amber mine?

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    4. I think they're now sitting in a secure corner, stuffed into a few packing crates at the FBI offices in downtown Los Angeles.

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  8. Really good news for Arcadia. Many, many kudos to the brilliant Tattler man of the hour! Thank you for all you do.

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  9. http://www.foxla.com/live

    10:00 pm on Fox LA Live News

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  10. The Feds will now use the RICO statute to give them a broad range of powers to go after the corruption in Arcadia. There is going to be alot of people caught up in this dragnet besides Wuo and Chen. This is going to be big, really big with tenticles extending into the highest corners of the Communist China politburo. I'm going to wager that Wuo gets anywhere from 5-10 years in a federal prison. Chen will get anywhere from 10-15 years. Unless they flee the country first. They should be considered a flight risk. Great job Tattler!

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    1. Key line from the Star News article: "City Manager Dominic Lazzaretto said in an interview this month that he and the city attorney regularly review all concerns related to GemCoin, but to date they had not found any direct evidence of criminal activity."

      Looks like The Domster turned a blind eye. Shouldn't take him more than a decade to live that act of betrayal down.

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    2. It's time for that city manager to resign.

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    3. I wouldn't be surprised to learn that certain City Employees are also involved.

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    4. All that development impact money, funding all those fat pensions. Time to fire the whole rotten lot.

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    5. I'm sure the Feds are watching these guys around the clock to make sure they don't flee the country. However, they should pick them up just to make sure. They have enough on them by now to get an arrest warrant.

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    6. " he and the city attorney regularly review" - I hope the city counsel fires the gas bag city attorney and the city manager for incompetence. You can smell the stink all the way to Chantry Flats past the highlands and the people in the city hall couldn't smell the sh*t.

      Is there any connection to councilman Cranky Chandler ?

      Great Job Tattler and David A.

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  11. Did the Feds take the GemCoin ATM machine?

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  12. If only the Fed's could visit Sierra Madre City Hall .

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    1. Sierra Madre City Hall - backed by UUT mine.

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    2. Maybe they can investigate the Harabedian - Felikian arrangement that allowed Felikian to build a bigger house.

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    3. I know Wuo destroy lots of evidence. FBI need big investigation.

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    4. This whole poinzi scheme reaches into the highest level of the communist Chinese government and John Wuo is right in the thick of things. You know that some of these guys have parked their money somewhere and as we right this are busy moving money around to avoid confiscation by the FBI. This is a RICO investigation which will give the feds broad powers to take this investigation where it needs to go. There's some people living in Arcadia and working at City Hall who are very concerned right now. Others will be implicated in this. All the dirty money that has flowed into Arcadia was a nice gravy train while it lasted. Now they need to pay the piper.

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    5. 7:07, that big house on that huge piece of land is the way we want things to work. The surest way to kill slow growth is to not recognize when big fits. There will always be people who love being ostentatious - that's okay, as long as they don't hurt neighbors doing it.
      If you want to go after Harabedian so badly, focus on his illegal use of police officers in campaign material.

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    6. ok, 10:25, I almost snorted my coffee. "Sierra Madre City Hall - backed by UUT mine." Hah

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    7. I don't mind big houses on large lots. I do mind when Harabedian changes the entire R-1 code to benefit one single person - the Felikians. When he came up with that 5% bonus on lot sizes above 20,000 square feet, that was only because Felikian reached out to Harabedian. It was the worst kind of back-room deal. We may never know what Harabedian got in return for helping Felikian.

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    8. 1:20. Their flooring store might be offering some great pricing for new homeowners.

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  13. What are the employees taking out in those boxes & bags?

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    1. GemCoins. They're backed by amber mine.

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    2. Whatever's left of their dignity?

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  14. John Crawford, you should be put on the gem coin before its all over

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  15. Anyone heading to Quail Ranch for golf this morning?

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    1. They closed years ago. Steve Chen just go there for show-and-tell (tall tales)

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    2. Oh darn. I went out yesterday and bought new argyle socks.

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    3. Did the FBI pick up the sniper rifle and the fake badges?

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    4. The Tattler took the lead on this story before anyone else was really covering it. Then the Star News jumped on the bandwagon and now you have FBI raids. Shows the power of this blog.

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    5. Crawford deserves a Pulitzer Prize for his work on this story.

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  16. Any word from Scott Hettrick yet?

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    1. Scotty & Dominic were shocked, shocked, that there was fraud!!!

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    2. The guardians of the public interest couldn't have been more asleep.

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    3. Scotty is reluctant to admit to any of his friend's wrong doings.

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    4. Makes him a good accomplice.

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  17. The only question is how much evidence Chen and Wuo managed to destroy before this raid occurred. They certainly knew it was coming and the Star News reporter saw Wuo at the GemCoin offices that one day. I'm sure Wuo was telling them what they needed to destroy. There will undoubtedly be obstruction of justice charges also. Wuo and Chen have been going like gangbusters trying to get rid of evidence.

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    1. That's called obstruction of justice and they will face further charges for any efforts to hinder this investigation or destroy evidence.

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  18. More people then Chen and Wuo involved. Many people who live in Arcadia criminals. Police need to connect dots. City officials also commit crime.

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  19. According to EpochTimes, Long Z Liu, the attorney that represents the protesting victims, told the paper his class action lawsuit will be launched in two weeks, and he'll sue John Wuo as well as a famous Chinese comedian Quen Jiang (who appeared on the brochure with Steve Chen, John Wuo, and Solomon Yang), and he's asking victims to come forward.

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  20. John, can you be reached via phone??

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    1. Yes. Email me your name and number to the blog email address. sierramadretattler@gmail.com

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    2. Alot more is going to come out on this story. Heads are going to roll on this one. Don't think that just Wuo and Chen are involved. Alot of dirty money has come into Arcadia. As Chinese, we know this to be true. Its corrupt money from China.

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    3. I agree. City Hall did not lift one fat little finger to stop any of this.

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    4. Anyone who has any information about this case is urged to contact the Sierra Madre Tattler.

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  21. According to Epochtimes there's many Latino victims.

    Any Latino *abogados* (lawyers) want to start a class action lawsuit for Latino victims like Mr. Long Z Liu about to start for the Chinese victims? May be a good chance to make a name for yourself! :D

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  22. 4:30 am, Mr. Tattler? Do you never sleep in the pursuit of truth, justice and the American Way? Truly, this is about the most fun we've had in years ... watching real criminals get caught in real time based on tips and investigation by real people. Kudos to Terry Miller for sharing his photos! Thank you, Mr. Tattler. You are the best!

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  23. The real question will be if The Tattler will join our little group of folks over at Behindmlm.com and start working on these scammers (it's a great source of entertainment for the readers and content for the site).

    I'll be working on the next post for The Paper regarding the raids (I have a few things under wraps to share ;)

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  24. Sho Tay has weighed in on the controversy, said all the expected things.

    TRANSLATED:
    --------

    US Mining” being investigated, Victims clapping and cheering

    Gemcoin issuer USFIA (American Royal) in the afternoon of 29th has been closed by SEC and US Marshalls. Victims were lined outside USFIA’s arcadia office and reported the news live via social media to victims in China. This case is sparked serious discussions in the SoCal Overseas Chinese Community.

    Arcadia Councilman Sho Tay said, last year several friends have asked him about Gemcoin, said that it has high profit and fast-earning. However, Sho Tay knows nothing about it, thus cannot give a relevant reply. He only recently knew that Gemcoin / USFIA may be involved in fraud, and he’s sorry that his friends are now victims.

    Sho Tay said that now that US Marshalls is involved in investigation we shall see the truth quickly, and he hopes all the victims be recompensated and criminals be punished. He approved of any help that was provided by the Chinese American Equalization Association at the critical moment to assist victims in pursuit of justice.

    --------

    Translated from https://www.singtaousa.com/528022/post-%E7%BE%8E%E6%B4%B2%E7%A4%A6%E6%A5%AD%E8%A2%AB%E6%9F%A5%E5%8F%97%E5%AE%B3%E8%80%85%E6%8B%8D%E6%89%8B%E7%A8%B1%E5%BF%AB/?variant=zh-hk&fs=16

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  25. Talk about a rapid fall from grace. What a collapse. Maybe the Feds will grant Wuo immunity in exchange for his testimony. I'm sure he can implicate alot of important people in Arcadia if he were to talk. Alot of people are shaking in their boots right now

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  26. If the FBI & SEC are freezing suspect bank accounts, Councilman Wuo's campaign accounts should be frozen. Pretty good chance that there's some dirty money in those campaign contributions.

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  27. Quail Ranch on the skids and fortunate for the good folks in north Alta Loma the "Disney-like" resort park with a 5 mile long replica of the the Great Wall of China is out before any one had to go to the mat over that rot!

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  28. "Na na na na, na na na na, hey hey, goodbye" (Paul Leka)
    "Good-bye to you" (Patty Smyth)

    any more great anthems come to mind for John Wuo's resignation speech?

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    1. "Is That All There Is?"

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    2. "Sail on" - The Commodores
      "Come Back Down" - Nerf Herder
      "Leaving On A Jet Plane" - John Denver
      "He's Gone" - Grateful Dead
      "Get Outta Town" - Dan Hartman
      "Die Young" - Black Sabbath\
      "Closing Time" - Semi Sonic
      "Funeral for a Friend" - Elton John
      "If you love someone, set them free" - Sting
      "Police Hotel" - The Mentors
      "Gimme Some Money" - Spinal Tap

      KMET 94.7 lives forever (Still have my immoral majority card)

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  29. I hope he fries, he and the rest of the Chinese that have destroyed the City of Arcadia need to be convicted. It was once a great city now anyone that is non asian has been forced to leave due to extreme racism especially, if they have children in the school district.

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    1. I have some trouble with your statement. I'm an Arcadia resident; my children are enrolled in the Arcadia school district; and last time I checked neither they nor I are Asian. Many of my neighbors and dear friends as well as extended family have been here for years and have no intention of leaving anytime soon. I can only conclude that you are both a racist and a fabricator of misinformation. Shame on you.

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  30. AHOME Real Estate owns a $4.5m mansion in Bradbury: 345 Oak Mountain Road, Bradbury, CA 91010

    and a $1.4m house in Arcadia: 849 Balboa Drive, Arcadia, CA 91007

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