{"id":34557,"date":"2021-01-12T10:06:51","date_gmt":"2021-01-12T08:06:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=34557"},"modified":"2025-08-28T21:10:25","modified_gmt":"2025-08-28T18:10:25","slug":"gemcoin-founder-sentenced-to-prison-for-147-million-fraud","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gemcoin-founder-sentenced-to-prison-for-147-million-fraud\/","title":{"rendered":"Gemcoin founder sentenced to prison for $147 million fraud"},"content":{"rendered":"<p>U.S. District Judge John F. Walter found Gemcoin founder Steve Chen guilty of orchestrating a fraudulent scheme. This is according to a <a href=\"https:\/\/www.justice.gov\/usao-cdca\/pr\/bradbury-man-sentenced-10-years-prison-leading-role-147-million-mining-and-digital\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">press release<\/a> from the Justice Department.<\/p>\n<p><!--more--><\/p>\n<p>From 2013 to 2015, the 63-year-old California resident owned Fine Investment Arts (USFIA), allegedly linked to amber mining and precious stones. He attracted investors with participation bonuses, and later began offering Gemcoin tokens.<\/p>\n<p>According to authorities, Chen collected about $147 million from around 72,000 victims. The owner of USFIA also reported $138,000 in income in 2014, with confirmed expenses of $4.8 million.<\/p>\n<p>In February 2020, the Gemcoin founder pleaded guilty to fraud and tax evasion. The judge sentenced him to 10 years in prison and ordered him to pay $1.8 million to the U.S. Internal Revenue Service.<\/p>\n<p>In December 2020, the founder of the Argyle Coin cryptocurrency project received <a href=\"https:\/\/u1f987.com\/en\/news\/us-court-sentences-argyle-coin-founder-to-prison-term\">seven years in prison<\/a> for running a $25 million Ponzi scheme.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. District Judge John F. Walter found Gemcoin founder Steve Chen guilty of orchestrating a fraudulent scheme. This is according to a Justice Department statement.<\/p>\n","protected":false},"author":1,"featured_media":34558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1154,26],"class_list":["post-34557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-crimes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=34557"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34557\/revisions"}],"predecessor-version":[{"id":34559,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34557\/revisions\/34559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/34558"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=34557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=34557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=34557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}