Key Points:
- Bryan Lee, one of the masterminds of the CoinDeal scam, made his first appearance in federal court in Las Vegas.
- Lee was charged under the indictment with one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in monetary transactions with property derived from criminals.
- Lee faces up to 20 years in prison each for wire fraud, mail fraud, and conspiracy and up to 10 years for each count of engaging in illegal currency transactions.
The US Department of Justice announced that a Nevada man had been charged with alleged involvement in CoinDeal, an investment fraud scheme that defrauded more than 10,000 victims out of more than $45 million. Bryan Lee, 57, of Las Vegas, made his first appearance yesterday in federal court in Las Vegas.
According to court documents, Lee allegedly conspired with Neil Chandran and others to defraud investors of companies controlled by Chandran. Operating under the name “ViRSE”, these companies include Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., and Skalex USA Inc., among others.
Presumably, these companies are developing virtual world technology, including their cryptocurrencies, for use in the virtual world. Chandran is accused of misleading investors by falsely promising extreme returns on the premise that his company was about to be acquired by wealthy buyers.
According to the further allegation, Lee was the nominal owner and director of ViMarket and was instructed by Chandran on how to transfer the investor’s funds received to ViMarket’s bank account.
The indictment charges Lee with one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in a monetary transaction to obtain criminal property.
If convicted, Lee faces up to 20 years in prison for wire fraud, mail fraud, and conspiracy and up to 10 years each for engaging in an illegal currency transaction. France. Chandran was arrested in June 2022 and charged with alleged participation in the scheme.
Earlier, Coincu News reported that the SEC had charged eight individuals and businesses with fraudulent conduct related to blockchain company CoinDeal, for illegal securities trading, violating US securities laws, and orchestrating a plot to appropriate the client’s property.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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Source: https://news.coincu.com/188714-mastermind-45m-coindeal-scam-first-appears/