The USFIA Receiver has secured a $186,628 settlement from Maria Wei Wang Shu, resolving a dispute over a property allegedly transferred without payment. This court-approved agreement, finalized on July 1st, addresses assets connected to the collapsed USFIA pyramid scheme.

The Receiver's investigation found that Steamfont Investment Group purchased the property in question for $373,255 in 2012. Investigators identified Steamfont Investment Group as an entity tied to USFIA, a scheme later deemed a Ponzi by the SEC. In January 2014, the property's title transferred to Maria Shu. The grant deed recorded this transaction as a "bona fide gift," with no value paid in return at the time of transfer.

The Receiver contacted Shu to demand the property's return as part of asset recovery efforts for USFIA victims. Shu responded by claiming an agreement existed with Steve Chen, USFIA's former operator, to purchase the property. She further asserted that she had paid the Receivership Entities for the title.

Shu provided some documents to support her contentions. This included a wire receipt for a $505,000 payment to the Receivership Entities. However, none of the submitted documents directly supported an agreement with Chen or showed that Shu funded the wire specifically for the property's title.

After further negotiations, Shu and the Receiver reached a proposed settlement of $186,628. This amount represents roughly half of what USFIA, through Steamfont, originally paid for the property. To fund the settlement, Shu stated she lacked sufficient cash. She agreed to transfer the property's title to the Receiver via a grant deed.

The Receiver will now proceed with selling the property. From the sale proceeds, the Receiver will collect the agreed $186,628 settlement amount and any associated costs and expenses. Any remaining funds from the sale will then go to Shu.

The Receiver submitted the proposed settlement for court approval in late May. The court formally approved the settlement on July 1st. Maria Shu's connections to USFIA also include Weimar International Group, a defunct entity she incorporated in 2014.