GemCoin Founder Sentenced to 10 Years for $147M Crypto Scheme

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Gemcoin founder Steve Chen was sentenced Monday to 10 years in government jail for ripping off 10s of countless capitalists in among the biggest very early cryptocurrency financial investment systems.

Chen, 63, confessed last February to running UNITED STATE Fine Investment Arts (USFIA) and also marketing $147 million in “gem coins” (crypto supposedly backed by treasures) to over 70,000 capitalists from 2013 via 2015. Prosecutors have actually defined USFIA as a Ponzi scheme and also a multi-level advertising scheme.

His guilty appeal on one matter of tax obligation evasion and also one matter of conspiracy theory to devote cord fraudulence lugged a compulsory minimum 10- year sentence. Judge John F. Walter furthermore gotten Chen to pay the Internal Revenue Service $1,885,094 in back tax obligations.

Chen’s sentencing is concluded yet his situation is much from over. The court set up a restitution hearing for July to talk about making Chen’s target capitalists entire.

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