Man Faces Prison Time in Multi-Million Dollar CoinDeal Scam
A man from Nevada is currently under investigation for his suspected involvement in a significant investment scheme known as CoinDeal, which has attracted millions of dollars.
The U.S. Department of Justice (DOJ) recently issued a statement stating that Bryan Lee, 57, is being charged with defrauding around 10,000 investors and misusing their funds, amounting to $45 million.
According to the DOJ, Lee collaborated with Neil Chandran, who was apprehended in June of last year, and several others to deceive investors in companies controlled by Chandran. The victims were falsely informed that these companies were on the verge of being acquired by wealthy buyers, assuring them of exceptionally high returns.
It is alleged that Lee, acting as the nominee owner and director of ViMarket, received instructions from Chandran on allocating the funds from investors into ViMarket’s bank accounts. As per the accusations, Lee and Chandran misused millions of dollars from investors, diverting the money towards purchasing luxury cars and real estate.
The charges against Lee include:
- One count of conspiracy.
- Two counts of mail fraud.
- One count of wire fraud.
- Three counts of engaging in monetary transactions involving unlawfully obtained assets.
If convicted, he could potentially face a lengthy prison sentence.
In a separate development, Michael Glaspie, who marketed investments into Chandran’s companies under the name “CoinDeal,” admitted guilt to one count of wire fraud in February. Glaspie is scheduled to be sentenced on June 16th.