Gemcoin founder Steve Chen, the prime mover in the one hundred and forty-seven million US dollars ($147 million) fraud that resulted in defrauding of over seventy thousand victims worldwide, has confessed to wire fraud and tax evasion, the Department of Justice (DOJ) reported on Wednesday. The sixty-two-year-old US resident continued to dupe thousands of people around the globe between the years 2013 and 2015 before accusations of fraud were filed against Arcadia company named US Fine Investment Arts (USFIA), whose CEO was Steve Chen. USFIA promoted the fraudulent cryptocurrency called Gemcoin as the future “world currency.” Its founder claimed to
