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- 1 A Las Vegas man with his accomplices commits fraud of $45 Million.
- 2 FBI Washington field office in assistance with FBI Las Vegas and Omaha field offices are investigating the case.
- 3 All were arrested and the main culprit was sentenced to 100 years behind bars.
The fraud of about $45 Million was done by falsely taking investors into confidence. CoinDeal is the company through which fraud was committed. CoinDeal has its own cryptocurrency that can be used in Metaverse.
Las Vegas Man Frauds Investors, Buys Luxury Cars
Bryan Lee, 57, was charged in the CoinDeal crypto fraud scheme. Lee and others defrauded over 10,000 investors of $45 Million.
According to the DOJ, CoinDeal guaranteed very high returns as wealthy investors were ready to be a part of it.
The company was developing its own virtual world technologies, the Metaverse and its own cryptocurrency to be used in metaverse. The fraudsters mislead investors by assuring them of high returns and made them believe that wealthy investors are involved in the company.
In January 2023, it was made clear that this was nothing more than a fraud. The US Securities and Exchange Commission termed it as a scheme where the swindlers enriched themselves with thousands of retail investors. There was a time when a number of people were punished with charges for violating securities laws.
DOJ announced criminal charges on 20/05/23 on Lee and his partner Neil Chandran. Lee and Chandran allegedly misused the funds worth millions of dollars that were invested by investors in luxuries including cars and real estate. Following charges are placed on Lee: Conspiracy, mail fraud and engaging in monetary transactions from the criminally derived property.
The case is being investigated by the FBI Washington field office in assistance with the FBI Las Vegas and Omaha field office. The case is still going on but Chandran was arrested last year and Michael Glaspie surrendered to one of the courts and is scheduled to be sentenced on June 16.
Lee has been arrested and will be given 100 years sentence in total for all the crimes committed in a federal court on 20/05/23. 20 years in prison each for wire fraud, mail fraud and conspiracy count and up to 10 years in prison for each count of engaging in unlawful monetary transactions as verified by the DOJ.
All the investors that had been cheated in this fraud are encouraged to appear in court and identify themselves as victims. They can also submit the victim impact statement.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
