Federal prosecutors have filed charges against Bryan Lee, a resident of Las Vegas, as part of an ongoing investigation into an alleged cryptocurrency and Metaverse scam. The fraud, known as the CoinDeal scam, duped over 10,000 investors by enticing them with promises of astronomical returns totaling one trillion dollars. Lee collaborated with three other individuals to orchestrate the investment fraud, under the guise of developing virtual reality products within a legitimate family of businesses. They lured investors with the prospect of their crypto token tied to a fictitious Metaverse project, falsely claiming association with prominent billionaires like Jeff Bezos and Elon Musk. The alleged fraudsters indulged in lavish personal expenditures, splurging on luxury cars and real estate instead of pursuing the promised Metaverse development.
Lee faces a superseding indictment alongside his accomplices, Neil Chandran and Michael Glaspie. The authorities have also charged an unnamed co-conspirator, “Individual-1,” who allegedly raised and laundered money for Chandran, possibly matching the description of Garry Davidson, a Nevada man mentioned in the Securities and Exchange Commission (SEC) complaint. The charges against Lee, Chandran, Glaspie, and others involved in the CoinDeal investment scheme revolve around the unregistered offer and sale of securities. The SEC complaint further exposes Chandran’s history as a “recidivist securities law violator and convicted felon,” highlighting that the fraud primarily targeted “less sophisticated investors.” Despite recent news, the crypto market has maintained composure, with a nearly 1% gain over the past 24 hours and a value sitting firmly above $1 trillion.
As per the CNBC report, the alleged fraudsters duped over 10,000 investors by enticing them with promises of astronomical returns totaling one trillion dollars. The charges against Lee, Chandran, Glaspie, and others involved in the CoinDeal investment scheme revolve around the unregistered offer and sale of securities. The SEC complaint further exposes Chandran’s history as a “recidivist securities law violator and convicted felon,” highlighting that the fraud primarily targeted “less sophisticated investors.” Despite recent news, the crypto market has maintained composure, with a nearly 1% gain over the past 24 hours and a value sitting firmly above $1 trillion.
Quotes from the original article:
“The indictment against Bryan Lee sheds light on his collaboration with three other individuals to orchestrate the CoinDeal investment fraud. Under the guise of developing virtual reality products within a legitimate family of businesses, Lee and his co-conspirators lured investors with the prospect of their crypto token tied to a fictitious Metaverse project.”
“These victims were enticed by grandiose claims that the Metaverse technology would eventually be sold for trillions of dollars to the consortium of billionaires, as fabricated by the fraudulent group.”
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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