DOJ Charges Nevada Man In $45M Scheme

Key Points:

• Nevada man charged for involvement in $45M CoinDeal scheme with leader Neil Chandran and conspirator Michael Glaspie.
• DOJ announced charges separately against Chandran in June 2022 and SEC charged eight parties in January 2023.
• CoinDeal stole $45M from 10,000 victims in total.

U.S. Department of Justice (DOJ) charged Bryan Lee, a Nevada man, for his participation in a cryptocurrency scheme called CoinDeal. According to the DOJ, Lee conspired with Neil Chandran, the leader of CoinDeal, to defraud investors through Chandran’s companies.

One of these companies, ViMarket, claimed to be developing VR and “metaverse” technologies and an associated cryptocurrency. While Chandran promised “extremely high returns” to investors, Lee followed Chandran’s instructions and put investor funds into ViMarket’s bank accounts. The DOJ said that both individuals spent millions of dollars worth of misappropriated funds on non-business expenses, including luxury cars and property.

Lee may face up to 110 years in prison on various counts of conspiracy, mail fraud, wire fraud, and engaging in monetary transactions on criminally derived property. However, he has not yet been found guilty and will make his first appearance in court immediately.

In June 2022, the DOJ additionally announced charges against Chandran, who was also arrested at that time. The agency also stated that another conspirator, Michael Glaspie, plead guilty in February 2023 and will be sentenced in June.

Furthermore, in January 2023, the U.S. Securities and Exchange Commission (SEC) charged eight parties in connection to the CoinDeal scheme. The scheme is reported to have stolen about $45 million from 10,000 victims in total.

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