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US Citizen Pleads Guilty in $147 Million in Crypto Scam

62-year old Steve Chen, a US citizen, pleads guilty in a $147 million crypto scam. Chen pled guilty for duping more than 70,000 victims of $147 million in a crypto investment scheme.


The US Department of Justice announced on Wednesday that crypto scam operator Steve Chen has agreed to plead guilty to one count conspiracy to commit wire fraud and one count of tax evasion. Steve Chen assured investors that owned $50 billion in assets, including an extensive rare gemstone mining operation throughout the Dominican Republic, Mexico, and the USA.


Guilty

Steve Chen admitted that his firm never owned any gemstone mines


Steve Chen is the CEO of seven companies, including US Fine Investment Arts, Inc., and GemCoin that were involved in the crypto scam. Prosecutors of this case revealed that 62-year-old Bradbury resident admitted that his company never owned any gemstone mines. The company did not make any profits beyond the sham crypto scheme. Chen further revealed that he never intended to have an initial public offering (IPO) for his company. Read More