Friday, July 15, 2022
HomeNetworkUSFIA proprietor Steve Chen sentenced to 10 years in jail

USFIA proprietor Steve Chen sentenced to 10 years in jail

Steve Chen, founding father of the USFIA Ponzi scheme, has been sentenced to 10 years in jail.

Chen has additionally been ordered to pay again $49.2 million in restitution.

USFIA was a $147 million greenback Ponzi scheme. The SEC shut down USFIA in late 2015.

Along with civil fraud fees, Chen (proper) was charged with two counts of fraud.

Chen, who additionally goes by “Li Chen” and “Boss”, pled responsible to each fees in February 2020.

On January eleventh 2021, Chen was sentenced to 5 years on each counts. Chen will serve time consecutively, leading to an efficient ten 12 months jail sentence.

On August 11st, Chen’s judgment was amended to incorporate the $49.2 million restitution order.

Chen offered himself to the Bureau of Prisons on July twenty sixth, 2021. He’s serving time on the federal jail in Lompoc, California.

Chen was 64 at time of incarceration. He might be 74 at time of his scheduled August 2029 launch date.



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