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SEC HALTS AMBER MINE PYRAMID SCHEME

SEC has filed fraud charges and obtained asset freezes against a worldwide pyramid scheme that falsely promised investors would profit from a venture backed by the company’s massive amber holdings.

California resident Steve Chen and 13 California-based entities, including USFIA Inc., are at the center of the alleged scheme, the SEC alleges in a complaint filed in federal court in Los Angeles. According to the SEC’s complaint, USFIA and Chen’s other entities have raised more than US$32 million from investors in and outside the U.S. since at least April 2013.

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