Gemcoin founder admits to fraud in $147 million scheme

Gemcoin founder admits to fraud in $147 million scheme

Steve Chen, the person behind the $147 million Gemcoin fraud of 2013-2015, agreed to plead guilty Wednesday to tax evasion and conspiracy to commit wire fraud. Chen, a resident of Southern California, will face a minimum of 10 years in prison. The company had peddled investors its ’Gemcoin’ digital currency, backed by gemstones that did not actually exist, duping nearly 70,000 investors.

Nomad
Nomad
Jay
Jay 0 months

S.Chen Sounds Chinese! Hate to say it but the Chinese are right up there with Nigeria when it comes to telling the truth. There is a crypto scheme on every street in china!

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