Friday, October 2, 2015

Steve Chen Describes the Fed Shutdown of USFIA as "a good opportunity for GEMCOIN to clear its name from any negative allegations."

GemCoin walk of shame.
"City Manager Dominic Lazzaretto said in an interview this month that he, the police chief and the city attorney regularly review all concerns related to GemCoin, but to date they had not found any direct evidence of criminal activity."  - From a Pasadena Star News report (link)

It would appear that GemCoin King Steve Chen agrees with Arcadia City Manager Dominic "Easy" Lazzaretto. Apparently The Chenster has been putting the word out through his worldwide network of USFIA related websites that despite what anyone might have been hearing, his current problems are merely a minor legal kerfuffle on the road to international cryptocurrency greatness. Nobody should worry because everything is going to be just fine.

Steve also wants you to know that once all of the disinformation and awful lies about GemCoins and USFIA are fully examined, with all of the unfortunate hearsay dealt with and disposed of by agents from the US Government, everything will return to normal. Here is how Chen's cheerful feelings on the matter are revealed on a website out of France currently covering such matters (link).


(Mod: Just so you know, some question the actual origin of this statement. I personally think it sounds authentic and have chosen to go with it. It is a "calm the herd" sort of thing for Chen to say. For more insight go to the link I provided above and have Google translate that page from French. The context is interesting.)

However, not everyone shares in President Chen's sunny assessment of his current legal situation. Federal government organizations such as the SEC and FBI, which together organized the raid on Arcadia's celebrated GemCoin Palace earlier this week, for all intents and purposes shutting Chen's ponzi operation down, don't appear to agree. Here is how Behind MLM (link) describes that rhythm.


That SEC's roster of complaints goes on for quite a bit longer. Oz on the Behind MLM site has the entire list there. You might want to go and check the rest of it out.

USFIA security chief Baoping Zhang might want to hold off on celebrating just yet.

The SEC issued the following press release yesterday (link). I myself do not believe they share in The Chenster's belief that this is all going to wrap up in 13 days. Or that any giddy GemCoin advocates should be popping their champagne corks right about now.

Here is their sober assessment:


The Pasadena Star News has another article up this morning, and I don't think they see Steve Chen's problems ending any time soon. Or, for that matter, Johnny "GemCoins" Wuo's woes, either. It is titled, "Troubles mount for Arcadia company in Gemcoin fraud case."


You can read the rest of this on the Pasadena Star News website by clicking here.

The Los Angeles Times has also piled on the beleaguered GemCoin empire. In an article titled "Federal authorities raid Gemcoin, a digital currency company accused of fraud," they too challenge the notion that this is just a short term review that will quickly result in the exoneration of John Wuo's favorite crypto-currency.


For the rest of the Los Angeles Times article, click here.


I'm not too sure about this one. You just never can find a GemCoin ATM machine when you need one.

sierramadretattler.blogspot.com

59 comments:

  1. GemCoin not backed by amber mine?

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    Replies
    1. GemCoin backed by amber mine. Maybe.

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    2. GemCoins are worthless. Investors may receive a small portion of their money back from the court-appointed trustee in a few years.

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    3. Hopefully for those who bought a bunch they can be used as slugs at the laundromat.

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    4. I think Wuo has alot of liability. He lent his name to this things and when government officials do that, it really has an influence on the Chinese. I think the City of Arcadia should be held liable too. They sanctioned Wuo's activities.-

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  2. And the show continues. One lie after another.

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  3. Replies
    1. How about the knucklehead who posts the same stupid comment day after day? What category does he belong in?

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    2. Actually the Chinese communists hate Steve Chen as well. When he fled the country a few years back he was a Top 10 most wanted criminal there. He was removed from that list later after some money changed hands.

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    3. 6:41 How about the mod. that allows it?

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    4. That would help answer where the million$$ went.

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    5. Steve Chen is a free market capitalist. Kind of like Blackbeard the Pirate.

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    6. They are all a bunch of liars and need to go to jail befroe they flee the country.

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  4. Everything sound so much better in French

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    Replies
    1. pr was that voila?

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    2. A viola is a musical instrument. One that gets played kind of like Wuo was played by Chen.

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  5. As it is all to common for city officials to disavow any knowledge or connection to any investigations and or involvement rather they would sell their own children to protect the good name of their respective city from future lawsuits. One local SGV city even turned a blind eye to a convicted rapist who was on the lame from prison but still had time to drive around in a Rolls Royce and live in a gated community living in their city and as this statement they city manager and city attorney would look in to the matter. "City Manager Dominic Lazzaretto said in an interview this month that he, the police chief and the city attorney regularly review all concerns related to GemCoin, but to date they had not found any direct evidence of criminal activity."

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    1. Nothing to see here. Move along!

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    2. Exemplary leadership from the City Manager and Chief of Police. Or maybe not.

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    3. All of this happened right under the noses of the Arcadia Police and other city officials. They should have investigated this long ago. It seems to me that they are culpable also.

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  6. Has anybody checked the Who Is record for the website and the servers for GemCoin, USFIA related websites? That would take it up to a whole new Homeland Security level. That's the level of scrutiny that applies to any transactions/discussions held on digital servers.

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    1. So tell us, Flash.

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    2. Trust me, the FBI has this all handled. They are going to get to the bottom of this and pursue it where ever 9it leads. And you can bet that some people whose names have not been mentioned yet are shaking in their boots. Maybe Wuo is granted immunity in exchange for telling all that he knows. That's why alot of people are very worried right now.

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    3. The USFIA website domain (“usfiainc.com”) was registered on the 19th of July 2013, with a “Steve Chen” of “Alliance Financial Group Inc.” listed as the owner. An address in the US state of California is also provided, which is presumably where USFIA is being operated from.

      http://internetcrimefightersorg.com/usfia-gemcoin-ponzi-review/

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  7. Too many to count. Any yahoo can register one, from any where. There's some on practically every continent except Antarctica. Wonders of cyberspace, sheesh.

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  8. IMHO, the comment on 1diq is a troll and/or a Gemcoin local leader.

    I mean, come on, Steve Chen and his lawyers won't talk to local press that would spread his message far and wide, but had to release some statement in FRENCH, by proxy?

    Some Frenches are spreading some "merde" around, and sheeple are lapping it up hungrily.

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    Replies
    1. Yeah, but it is funny.

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  9. Has anyone seen one of these coins or know someone who has one of these coins? Is this a collectible found at a yard sale?

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    Replies
    1. Bernard Madoff may have some for sale.

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    2. Bug rocks best. Bernie cornered the market.

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  10. You can print one on your inkjet printer. Just put it on some foamcore sheets...

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  11. This is the first shoe to drop. Many more shoes will follow. Wuo and Chen are a flight risk and need to be arrested immediately before they can flee the country. I'd say warrants are being drawn up for their arrest as this is being written.

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  12. This scandal is going to reveal alot of other nefarious activities that have gone on in Arcadia these past years. Alot of "dirty" money as the Chinese themselves have called it, has flowed into the San Gabriel Valley and into Arcadia in particular. When the Feds start poking around, they are going to find alot of criminal activity.

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    1. Seems pretty obvious to me that GemCoin loot was used to finance mansionization.

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    2. Isn't that called "money laundering"? A favorite past time of organized crime and agriculturists (before the product became "medicine" and quasi-legal).

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    3. Both the GemCoin ponzi scheme and the mansionization of Arcadia were designed for the same purpose. Relieving newly arrived immigrants of their cash.

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    4. Money Laundry Backed By Amber Mine!

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    5. Amber Mine! Is that old drag queen still performing?

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  13. NBC's American Greed is always looking for suggestions. They can be reached at americangreed@nbcuni.com. It would be fun to see Mr. Chen and Mr. Wuo on that show.

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  14. I hear edi has a female courier leaving for China today with cash

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    1. Ok. But remember. Chen and his people are in as much legal trouble there as they are here.

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    2. Money talks specially on the mainland.

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    3. Communist officials are easily bought off. Corruption is endemic in that country. Its not quite so easy in the US of A.

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    4. Us officials historically are notoriously corrupt! Sorry to break the new to you, McCarthy

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  15. The Arcadia City Council vote that overturned the Planning Commission decision to curtail the extravagance of the mega development in the hillsides of Highland Oaks should be investigated. This has to be pay back for this Chinese developer of these 80 acres (two acres for the mega mansion and the destruction of dozens of oak trees for a long, winding drive-way) with the rest as "open space" not a part, but yet part of the extravagance all in all.

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  16. GemCoins. Backed by City Council mine.

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  17. Emergency fire horn safety test completed as per Friday 5 p.m. schedule.

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    Replies
    1. Probably caused numerous strokes and heart attacks, hemorrhages and all sorts of catastrophes

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  18. Steve Chen reminds me a little bit of Jim Jones of Jonestown infamy. Kind of psychotic, plays with guns, wears dark sunglasses. This guy needs to be put away before he hurts someone....and I mean more than just financially.

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    1. I bet every right-wing gun nut has taken a selfie fitting that description

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  19. You know the City Councils vote was a quid pro quo. That's why as they dig deeper into Gemcoins and John Wuo, they will find dirt on Chandler and that other clown.

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  20. EpochTimes is reposting screencaps of WeChat dialog that supposed members of Gemcoin in China are discussing raising funds to hire assassin(s) to kill the two earliest "leakers" that brought down USFIA/Gemcoin to "save everybody".

    http://www.epochtimes.com/gb/15/10/3/n4541831.htm Will provide line by line translation later.

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    1. Thanks Kasey. That is huge news.

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    2. Translation follows:

      Gemcoin members sent WeChat that they want “do away” the moles

      03-OCT-2015 Report by EpochTimes Fei Liu from LA / On August 28, over a dozen Gemcoin Chinese investors protested outside San Bernadino County Ontario Convention center, and pulled out “Gemcoin is a scam” banner, which attracted US Media attention. Later, protesters received Gemcoin boss Steve Chen et al’s death threats, and thus reported to Arcadia police.

      On 9/29, Gemcoin’s issuer USFIA in Arcadia was closed by US government. Steve Chen and his 13 some companies was sued by SEC for operating a 32 million pyramid scheme. However, according the protestors, the death threats did not stop, but actually gotten worse, and some are coming from Gemcoin members in China.

      (ScreenCap of WeChat session on iPhone available in original link)

      According to Screencap of WeChat, various Gemcoin members in XiAn, Beijing, Hunan, Quenming, and Malaysia are advocating online that they want to engage “human flesh search engine” and want to “do away” with the two Gemcoin investors that turned mole.

      One with screenname 富豪财富中心:壮志凌云毛新华 (USFIA Wealth Center / Dream for the sky Mao Xing Hua) wrote “Gemcoin’s misfortune is our misfortune. Gemcoin’s safety is our happiness! Young men start the human flesh search engines. I don’t have visa to the US, but if they’re in country (China) heck we’ll go protest in front of this SOB’s house!

      Another with screenname 大江东去 (Great River Headed East) wrote “Let’s crowdfund up some money, send a killer to the US and do away with the two bastards!”

      Another from Hunan wrote “XXX did not only made enemy of Chief Chen, but made enemies of 500K strong Gemcoin family!”

      Another wrote “We Gemcoin family should also release some news to battle with XXX!”
      A 懒羊羊 (Lazy Sheep) from XiAn wrote “US media is doing free publicity for Gemcoin. Let them tell everybody about Gemcoin.”

      Gemcoin in the meanwhile released “498th webinar and transcript” on 9/30, and on 10/1 wrote on a Sina blog that the raid was a “routine SEC audit”, that “if you open a restaurant in the US and people complained about your food’s unsanitary, then health department will visit your restaurant. It’s perfectly routine.” on 10/2 on an audio sharing service “Himalaya” there was an audio “Chief Qian post-UN-meeting important talk”.

      On 10/1 SEC LA “Michele Wein Layne, declared to court to obtain the TRO against USFIA “We declare, that the defendant lied about the amber mines that will make them rich.” “The fact is, as we have shown, defendant operated a pyramid scheme to fleece the victims” (NOTE: Probably no longer accurate transcription)

      According to San Gabriel Valley News, on the same day, Cal DoBO sent a desist and Restrain order against Steve Chen, Leonard S Johnson, Weiwen (Wayne) Zhao, to prevent further security fraud.

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    3. Hi Kasey,

      You might find something interesting in this guy's blog.

      http://blog.sina.cn/dpool/blog/s/blog_134af25c10102vvac.html?type=-1

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    4. One guy's delusion ain't that interesting. He basically imagined an alternate American justice system. He thinks there ought to be "FBI" yellow tape sealing the USFIA place, not understanding that SEC is the agency, and FBI is simply assisting. He then came up with this "Michael Liu" as the mastermind behind the "smear campaign". Since no FBI seal of the place, he concludes if there were SEC, it's 'routine" inspection, and so on and so forth.

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    5. The REALLY hilarious part is he pulled "Southeast Conference' (SEC) badge for an equestrian event and thought that was the SEC seal. Muahhahahahaha!

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