One of many govt ringleaders behind USFIA’s GemCoin Ponzi scheme has prevented jail.
Leonard Stacy Johnson pled responsible to 2 counts of fraud in July 2019.
On June fifth, Johnson was sentenced to 2 years probation and $45,871 in restitution.
Johnson (proper) served as USFIA’s Vice President of Investor Relations.
(Johnson) supplied companies to Chen and Chen’s companies that included vetting potential actual property and enterprise tasks, making ready promotional and personal placement supplies, and making displays to potential buyers and funding sources.
Particularly, as Vice President of Investor Relations for USFIA, defendant ready promotional supplies and made gross sales displays at numerous home and overseas conferences that touted the monetary success and prospects of Chen, USFIA, and AFG.
A pre-sentencing memorandum filed by the DOJ reveals Johnson supplied the federal government with “substantial help”.
Defendant’s cooperation was helpful to the federal government’s investigation and prosecution of Chen.
“Chen” refers to USFIA founder and CEO Steve Chen (proper).
Chen pled responsible to USFIA associated felony expenses in 2020. In February 2022, Chen was sentenced to 10 years in jail.
Chen handed away ten months into his sentence in December 2022.
On account of Johnson’s help, his really useful offense degree was diminished from 13 to eight. This corresponded with an advisory guideline vary of 0 to six months.
The federal government recommends that defendant be sentenced to a three-year time period of probation.
The federal government additional recommends that defendant be ordered to pay restitution within the quantity of $45,871 to the Inner Income Service.
In his personal pre-sentencing memorandum, Johnson said he was
a first-time offender, who has accepted duty for his actions and pleaded responsible pre-indictment, and who supplied important cooperation to the federal government.
He survived a tumultuous upbringing, and he has struggled financially most of his life. His tax-based offenses occurred as a result of he had issue making ends meet.
For all of those causes, Mr. Johnson respectfully requests that the Court docket impose a sentence of 1 yr of probation, a particular evaluation of $200, restitution for unpaid taxes within the quantity of $45,871, and waive all fines.
After USFIA Johnson went on to launch Synthetic Intelligence Financial Growth Company (AIEDC).
AIEDC is described as beginning out as a “consulting enterprise that gives technical recommendation to small enterprise.” The corporate is now creates apps for small and midsize companies.
As famous by the DOJ;
In selling AIEDC to the general public, it seems that (Johnson) falsely or misleadingly claimed that he or AIEDC holds three patents to guard AIEDC’s applied sciences, when the one registrations with the U.S. Patent & Trademark Workplace are merely for 3 logos that (Johnson) registered in 2017. There aren’t any patents.
(Johnson’s) bio as founder and CEO of AIEDC says his skilled expertise consists of “conducting Senior Inventory Loans
for company executives,” which seems to be a reiteration of the false representations he made at AFG and USFIA that he was a previously a “Senior Inventory Mortgage Dealer.”(Johnson’s) bio declare that he’s now “pursuing a Ph.D. Diploma in Synthetic Intelligence” is doubtful, given (Johnson’s) lack of any accredited school diploma, and his earlier false claims when selling USFIA and AFG that he had attended Princeton College and “Irvine College Faculty of Legislation.”
Johnson advised a Probation Officer in 2020 that he ran the enterprise from his residence and that it was an “unprofitable”.
At time of publication AIEDC’s web site was non-responsive.
With respect to USFIA, a court-appointed Receiver is seeking to wrap up later this yr having disbursed tens of thousands and thousands in restitution to USFIA victims.
Johnson’s sentencing brings BehindMLM’s protection of his responsible plea and associated felony proceedings to a detailed.
