Following two distributions of recovered funds to victims, the USFIA Receiver has requested courtroom permission to destroy data and shut the Receivership.
As per a Last Report filed by the USFIA Receiver on Might 14th, the Receivership has distributed $63.3 to USFIA victims. This represents a 79.2% restoration for victims’ with legitimate claims.
As of Might third, 2024, the USFIA Receivership remains to be sitting on $1.7 million. The Receiver “proposes that these funds be used make corrective funds to sure traders” and excellent Receivership charges.
The remaining steadiness of $527,796.42 shall be paid to the Securities and Trade Fee for fee to america Treasury.
In an accompanying declaration, additionally filed on Might 14th, the USFIA Receiver goes on to request permission to destroy data and shut the Receivership.
I consider that it’s now applicable to pay administrative charges and bills, file last tax returns, shut the receivership case, and search the discharge and launch the Receiver.
USFIA was an MLM Ponzi scheme launched by Steve Chen again in 2013.
USFIA defrauded customers out of $197 million. Of that quantity, solely $1.7 million was paid out in MLM commissions and ROI withdrawals.
The SEC shut down what was left of USFIA in late 2015. Steve Chen pled responsible to USFIA associated prison fees in 2020.
In February 2022 Chen was sentenced to 10 years in jail. Chen died lower than a 12 months into his sentence in November 2022.
Pending courtroom approval, closure of the Receivership will carry BehindMLM’s reporting on USFIA to an finish.