Key Points:
According to court documents, Lee allegedly conspired with Neil Chandran and others to defraud investors of companies controlled by Chandran. Operating under the name “ViRSE”, these companies include Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., and Skalex USA Inc., among others.
Presumably, these companies are developing virtual world technology, including their cryptocurrencies, for use in the virtual world. Chandran is accused of misleading investors by falsely promising extreme returns on the premise that his company was about to be acquired by wealthy buyers.
According to the further allegation, Lee was the nominal owner and director of ViMarket and was instructed by Chandran on how to transfer the investor’s funds received to ViMarket’s bank account.
The indictment charges Lee with one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in a monetary transaction to obtain criminal property.
If convicted, Lee faces up to 20 years in prison for wire fraud, mail fraud, and conspiracy and up to 10 years each for engaging in an illegal currency transaction. France. Chandran was arrested in June 2022 and charged with alleged participation in the scheme.
Earlier, Coincu News reported that the SEC had charged eight individuals and businesses with fraudulent conduct related to blockchain company CoinDeal, for illegal securities trading, violating US securities laws, and orchestrating a plot to appropriate the client’s property.
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