By City News Service
Jan 11, 2021
LOS ANGELES (CNS) - A San Gabriel Valley man faces up to 10 years behind bars at sentencing today for bilking thousands of investors worldwide out of millions of dollars through a sham digital currency scheme.
Steve “Boss Chen, 63, of Bradbury pleaded guilty last year to one federal count each of conspiracy to commit wire fraud and tax evasion.
Chen was the owner and CEO of U.S. Fine Investment Arts Inc. and six other companies that used the same Arcadia address. From July 2013 until September 2015, he fraudulently promoted and solicited USFIA investments, and ultimately obtained $147 million from more than 70,000 victim-investors, according to papers filed in Los Angeles federal court.