Bryan Lee, a Las Vegas 57-year-old man, has been charged by US authorities in connection to the CoinDeal cryptocurrency fraud scheme. The United States Department of Justice alleges that Lee, together with others, defrauded over 10,000 investors to the tune of $45 million.
Investigators have revealed that CoinDeal was a blockchain-based investment fraud scheme that involved a new cryptocurrency and the metaverse. The DOJ asserts that the scheme guaranteed “extremely high” profits to investors, sniping wealthy individuals.
However, the U.S. The Securities and Exchange Commission stated in January that CoinDeal was nothing but an “elaborate scheme where the defendants enriched themselves while defrauding tens of thousands.” At the time, numerous individuals were accused of breaking securities regulations.
The DOJ filed fresh criminal charges, alleging that Lee and his colleague Neil Chandran stole millions of dollars from investors’ funds and used the moneym to buy real estate and luxurious cars.
Lee is accused of one conspiracy offense, double charges of mail fraud, one wire fraud charge, and three counts of engaging in financial transactions involving property that was illegally obtained.
Alongside the FBI Omaha and Las Vegas Field Offices, the FBI Washington Field Office are investigating the case.
In June 2022, Chandran was taken into custody and accused of being involved in the conspiracy. In February 2023, Michael Glaspie pleaded guilty to one count of wire fraud. He fraudulently advertised the investment through Chandran’s businesses under the name “CoinDeal,” and Glaspie is due to be sentenced on June 16th.
According to the DOJ, Lee will appear in federal court and could face a maximum sentence of 100 years behind bars if convicted of all counts related to conspiracy, wire fraud, and mail fraud. For each count related to participating in illegal financial transactions, Lee could face a maximum sentence of 10 years in jail.
