California Man Scammed Investors Out of $147 Million in Gem Scam
- Scheme targeted 70,000 investors worldwide, prosecutor says
- Investors lured by worthless digital coins ‘backed’ by gems
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A Southern California man collected about $147 million from more than 70,000 investors around the world by promising them profits from amber and gemstones mines that didn’t actually exist and selling them worthless digital coins purportedly backed by the gems.
Steve Chen, 62, has agreed to plead guilty to conspiracy to commit wire fraud and to tax evasion, according to a statement Wednesday from the U.S. attorney’s office in Los Angeles.