Gemcoin Founder Admits to Fraud in $147 Million Scheme

Cointelegraph

Published Feb 19, 2020 11:20PM ET

Updated Feb 20, 2020 01:02AM ET

Gemcoin Founder Admits to Fraud in $147 Million Scheme

Steve Chen, the mastermind behind the $147 million Gemcoin cryptocurrency scheme, has admitted to wire fraud and tax evasion in a plea agreement.

The 62-year-old Southern (NYSE:SO) California resident agreed that he and other co-conspirators fraudulently promoted a cryptocurrency called Gemcoin (or Gem Coins) that helped fleece $147 million from 70,000 victims.

Continue Reading on Coin Telegraph