Department of Justice Charges Another Suspect in the $45 Million CoinDeal Scam
The Department of Justice has charged a resident of Las Vegas, Bryan Lee, with criminal charges for conspiring with the main suspect believed to be behind the scam that defrauded over 10,000 investors in the $45 million CoinDeal scam, months after the Securities and Exchange Commission charged eight people allegedly involved in orchestrating the scheme. The DOJ alleges that Lee worked alongside Neil Chandran and other related parties to defraud investors via one of the companies Chandran controlled. He faces several charges, including indictment with one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in monetary transactions in criminally derived property. The SEC had previously charged Chandran and seven others in January 2021 for their involvement in the CoinDeal scheme. Chandran was arrested in June 2022. Michael Glaspie, who was responsible for the marketing of CoinDeal, pleaded guilty to one count of wire fraud earlier this year and will be sentenced in mid-June.
Chandran was behind several Metaverse-related entities, including Free Vi Lab, ViDelivery Inc., and ViMarket Inc. The DOJ’s statement claims that Lee was the nominee owner and director of ViMarket and took direction from Chandran on how to disburse investor funds received into ViMarket’s bank accounts. Lee and Chandran allegedly misappropriated millions of dollars of investor funds and spent it on luxury cars and real estate.
Lee could get up to 20 years in prison for each of the mail fraud, conspiracy counts, and wire fraud, and another 10 years for each count of engaging in criminal monetary transactions. It is not clear whether he has retained an attorney to represent him in the case. The charges against him are serious and if proven could have severe consequences, including potentially significant fines and imprisonment.
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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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