USFIA owner Steve Chen sentenced to ten years in prison

Steve Chen, founder of the USFIA Ponzi scheme, has been sentenced to ten years in prison.

Chen has also been ordered to pay back $49.2 million in restitution.

USFIA
was a $147 million dollar Ponzi scheme. The SEC
shut down USFIA
in late 2015.

In addition to civil fraud charges, Chen (right) was charged with two counts of fraud.

Chen, who also goes by “Li Chen” and “Boss”,
pled guilty
to both charges in February 2020.

On January 11th 2021, Chen was sentenced to five years on both counts. Chen will serve time consecutively, resulting in an effective ten year prison sentence.

On August 11st, Chen’s judgment was amended to include the $49.2 million restitution order.

Chen presented himself to the Bureau of Prisons on July 26th, 2021. He is serving time at the federal prison in Lompoc, California.

Chen was 64 at time of incarceration. He will be 74 at time of his scheduled August 2029 release date.

Update 16th December 2022 – 
Steve Chen has
died in prison
.

How Chen passed is unclear but the BOP cites Chen’s date of death as November 19th, 2022.

🤖 Quick Answer

Who is Steve Chen and what crime did he commit?

When was USFIA shut down by authorities?
The Securities and Exchange Commission shut down USFIA in late 2015 after discovering the fraudulent scheme. The investigation led to Chen's eventual arrest and prosecution on multiple fraud charges.

What was Steve Chen's prison sentence?
Chen received five years on each of his two fraud counts, with sentences to be served consecutively, resulting in a total effective sentence of ten years. He reported to the federal prison in Lomp on July 26th, 2021

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