A Nevada man has been charged for his alleged participation in CoinDeal, an investment fraud scheme that defrauded more than 10,000 victims of over $45 million.
Bryan Lee, 57, of Las Vegas, appeared in federal court in Las Vegas on Friday.
According to court documents, Lee allegedly conspired with Neil Chandran and others to defraud investors in companies Chandran controlled.
The companies operated under the banner of “ViRSE,” and included Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., and Skalex USA Inc., among others.
In the news: Scammer Attempting To Obtain Cash By Identifying Himself As Pinellas County Deputy
The companies were supposedly developing virtual-world technologies, including their own cryptocurrency, for use in a metaverse.
Chandran allegedly misled investors by falsely promising extremely high returns on the premise that his companies were about to be acquired by a consortium of wealthy buyers.
As further alleged, Lee was the nominee owner and director of ViMarket, and took direction from Chandran for 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 is charged by 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.
In the news: Twitter CEO Elon Musk Praises Tim Scott Campaign Ad About Individual Responsibility
If convicted, Lee faces up to 20 years in prison for each of the wire fraud, mail fraud, and conspiracy counts, and up to 10 years in prison for each count of engaging in unlawful monetary transactions.
Chandran was arrested in June 2022 and charged for his alleged role in the scheme. Michael Glaspie, who fraudulently marketed the investment with Chandran’s companies under the name “CoinDeal,” pleaded guilty to one count of wire fraud in February 2023 and is scheduled to be sentenced on June 16.
Android Users, Click To Download The Free Press App And Never Miss A Story. Follow Us On Facebook and Twitter. Signup for our free newsletter.
We can’t do this without your help; visit our GiveSendGo page and donate any dollar amount; every penny helps.
Login To Facebook From Your Browser To Leave A Comment