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Jan 23rd, 2021

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California man who conned investors out of $147 million, and offered EB-5 visas to some, faces 10 years in prison

Steve Chen masterminded a pyramid scheme that defrauded 72,000 people, who believed they were acquiring some valuable crypto-currency backed by Chen’s amber mines; some were even promised EB-5 visas for recruiting others. Chen owned no mines and the currency was worthless. Chen has pleaded guilty to federal counts of conspiracy to commit wire fraud and tax evasion.

See the U.S. Department of Justice release

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