Angry investors shut down the USFIA GemCoin gala in Ontario, California on August 28th, forcing organizers to cancel the event before it even started.

The protesters weren't activists with a political agenda. They were victims—people who had sunk tens of thousands of dollars into USFIA and GemCoin, only to watch their money vanish.

USFIA had been promoting the gala hard. Domestic teams could join for $10,000 with a $30,000 sponsorship option that included four days of accommodation. International teams paid the same entry fee but $50,000 to sponsor, and received seven days of lodging plus airfare. The Ontario Convention Center was booked. Capacity was capped at 1,300 people, first come first serve.

None of it happened.

One protester, Chen Li (also known as Steve Chen), told the Epoch Times how the scheme worked. Chen and his associates claimed to be amber experts from the Dominican Republic. The pitch was simple: buy in now at a fraction of the market price, watch it skyrocket. Chen promised the market would explode. The units would be worth 64 times their current value, he said.

"I was very pleased," the protester recalled. Chen sweetened the deal further. In two months, investors could buy and sell their units. The business would be safe—no transaction would exceed a 10% loss on the line.

Two years later, the investor has nothing to show for his $70,000. "We bought a piece of paper," he said. "Not even paper. Just air."

A relative fared worse, dropping $280,000 into what Chen was running on the side: an EB-5 visa fraud scheme.

Some protesters told reporters they haven't accessed their invested funds in over two years. The gala cancellation didn't come from USFIA management making an ethical decision. It came from the sheer weight of angry people who showed up demanding answers.

The wrinkle: Arcadia City Councilman John Wuo's photo appeared in USFIA's gala marketing materials. Wuo says he knows nothing about GemCoin. He claims he received no compensation from USFIA or Steve Chen. He won't say whether he attended the August 28th event or explain why his image was used to promote something he claims to have nothing to do with.

When the Epoch Times asked Steve Chen to respond to allegations that USFIA's GemCoin was operating as a Ponzi scheme, Chen didn't reply.

Whether US regulators are investigating USFIA remains unclear. The victims, meanwhile, are still looking for their money.

🤖 Quick Answer

What was the USFIA GemCoin gala and why was it cancelled?
The USFIA GemCoin gala was a scheduled event in Ontario, California on August 28th with a 1,300-person capacity. It was cancelled after angry investors protested, having lost tens of thousands of dollars in USFIA and GemCoin investments. Protesters forced organizers to shut down the event before commencement.

What were the participation costs for the USFIA GemCoin gala?
Domestic teams paid $10,000 entry fees with optional $30,000 sponsorships including four days accommodation. International teams paid identical entry fees but $50,000 sponsorships, receiving seven days lodging and airfare included in their packages.

Who were the protesters at the cancelled gala event?
The protesters were not political activists but victims—investors who had invested

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