Federal authorities have raided an alleged Ponzi investment scam that promised to pay dividends to investors by claiming to hold amber mines whose profits would be paid out in the cryptocurrency – Gemcoin. The Securities and Exchange Commission (SEC) announced the filing of fraud charges and the raid of a Southern California company - USFIA, allegedly running a Ponzi scheme that raised more than $32 million from investors both within and outside the U.S. since April 2013. The accused include founder Steve Chen and a total of 13 California-based companies at the center of the Ponzi scheme. Essentially, Chen falsely […]
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