American man confesses to using crypto in a scam worth 147 million dollars
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Answer American man confesses to using crypto in a scam worth 147 million dollars
A 62-year-old US man has pleaded guilty to deceiving more than 70,000 victims into investing in fake crypto schemes, resulting in $147 million.
This man, “Steve Chen”, agreed to the charge brought against him by the US Department of Justice last Wednesday.
The charge is one count of conspiracy to commit fraud and one count of tax evasion.
Chen stated that he was the owner and CEO of USFIA and six other companies, and promoted and solicited USFIA investments from July 2013 through September 2015.
It deceived thousands of investors claiming that USFIA was a successful multi-level marketing scheme and that it extracted gemstones from owned “non-existent” mines in the United States, Dominican Republic, Argentina and Mexico.
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Each victim invested between $1,000 and $30,000 with the total amount raised about $147 million.
Chen promised the victims that he would take the company through an initial public offering (IPO), yet indicated in his admission that he had no such intentions.
US authorities charged him tax evasion fees because he evaded federal tax evasion by reporting a gross income of $138,015 in 2014, while he earned $481,6193 that year, making him liable to pay $188,5094 in back taxes without interest and fines.
Commenting on the case, Paul Delcourt, assistant director in charge of the FBI’s Los Angeles office, said:
Chen has captured the money of investors from all over the world by creating a mirage made of trendy cryptocurrency features and dynamic marketing tactics.
The investing public should realize that cryptocurrency schemes are more prevalent and more sophisticated than ever before.
But those who commit it use the same tactics as scammers always do, by persuading investors to risk their money in the bank on false promises of get-rich-quick.
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