Gemcoin founder Steve Chen was sentenced to 10 years in prison with a court decision announced yesterday for defrauding tens of thousands of people.
63-year-old Chen, who was involved in a $ 147 million fraud, admitted in the February lawsuit that he ran an organization called the US Fine Investment Arts (USFIA) and sold its illegal GEM coins to an investor audience of up to 70,000 between 2013 and 2015.
According to the news in CoinDesk, prosecutors also defined the USFIA as a pyramid scheme and a multi-level fraud marketing scheme. For Chen, who was sentenced to 10 years in prison for tax evasion and fraud, the judge also ordered the IRS, the US Internal Revenue Department, to pay $ 1 million 885 thousand.
On the other hand, the Gemcoin founder was fined, but the case is still not over. The judge set up another session in July for the victims to be heard as well.