[2015-10-01]Digital currency firm accused of fraud, office raided by authorities

[tyz]

Arcadia-based Gemcoin’s office was raided by federal authorities on the charges of bilking about $32 million from Chinese and U.S. investors. The report of the raid appeared in the Latimes.com and the news site also claims that the raid happened on Tuesday.

http://www.newsbtc.com/2015/10/01/digital-currency-firm-accused-of-fraud-office-raided-by-authorities/

[TraderTimm]

Called this one in early September. It looked like a scam, and smelled like a scam. Hey, what do you know, it really was a scam.

Being involved with Bitcoin has really improved my scam detection, and that "GemCoin" scheme sure reeked of it. Glad they're getting nailed to the mat by the authorities.