Digital Currency Company Raided

The Arcadia offices of digital currency company Gemcoin were raided by federal authorities after the company’s founder was accused in federal court last week of running a pyramid scheme, the Los Angeles Times reports. The Securities and Exchange Commission also has frozen some bank accounts, including that of US Fine Investment Arts Inc., a company related to Gemcoin and which reportedly had been endorsed by Arcadia City Councilman John Wuo. He has denied any affiliation with the company.