Arcadia City Councilman John Wuo faced sharp criticism from a resident over his past involvement with the USFIA GemCoin scheme. David Arvizu, a member of the Save the Arcadia Highlands organization, used public comment time to question Wuo’s association with the company. Arvizu detailed how USFIA presents itself as a digital currency backed by amber mines.
Arvizu presented USFIA as a Ponzi scheme that targets individuals. He traced its presence from China to Taiwan, suggesting a pattern of operation and evasion. The scheme, he stated, has now surfaced in Arcadia. Searching online for "gemcoin" reveals multiple websites, Arvizu noted.
These websites frequently feature John Wuo, who was a councilman and mayor at the time of his appearances. Wuo has consistently denied any knowledge of GemCoin, telling the Arcadia Weekly he "doesn’t know anything about GemCoin." He also claims he has no financial interest, compensation, or investment in GemCoin or its connected companies.
Despite these denials, Arvizu pointed to online media where Wuo appears to praise both GemCoin and USFIA. Arvizu accused Wuo of giving the scheme a "glowing endorsement." Wuo’s public statement that he "felt used" by USFIA was directly challenged by Arvizu.
"I feel that I have been used," Arvizu told Wuo during the council meeting. "I don’t believe you. I do believe that you are business partners with these individuals." Arvizu further speculated that Wuo was compensated for his appearances, with funds potentially ending up in overseas accounts.
The USFIA GemCoin operation has been identified as a points scheme masquerading as a legitimate cryptocurrency. Such schemes typically promise unsustainable investment returns before collapsing. The public scrutiny faced by Wuo highlights the ongoing concern over financial scams and the public figures associated with them.