Steve Chen
Founder and CEO of USFIA, which sold the gemstone-'backed' GemCoin. He fraudulently obtained ~$147M from 72,000 investors in one of the largest pyramid schemes prosecuted in the Central District of California; pleaded guilty and sentenced in 2021 to 10 years.
Also known as: Li Chen, Boss
Bio
Steve Chen (a.k.a. "Li Chen" / "Boss"), of Bradbury, California, owned and ran U.S. Fine Investment Arts (USFIA) and related companies. He promoted nonexistent amber/gemstone mines and the GemCoin digital currency supposedly backed by them, raising ~$147 million from about 72,000 victims (2013–2015). [1][2]
Legal outcome
The SEC charged Chen and his entities in 2015 (asset freeze, receivership). He pleaded guilty in June 2020 to conspiracy to commit wire fraud and tax evasion and, in January 2021, was sentenced to 120 months (10 years) plus ~$1.885M in back taxes. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.