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Months after the Securities and Exchange Commission charged eight individuals allegedly involved in orchestrating the $45 million CoinDeal scam, the Department of Justice has targeted another participant.
Bryan Lee, a 57-year-old resident of Las Vegas, has been charged with conspiring with the primary figure believed to be behind the scheme that defrauded more than 10,000 investors.
- The DOJ’s statement alleges that Lee worked alongside Neil Chandran and other involved parties to defraud investors through one of the companies controlled by Chandran.
- Chandran was behind several Metaverse-related entities, including Free Vi Lab, ViDelivery Inc., and ViMarket Inc., which promised suspiciously high returns to investors, with the funds supposedly being acquired “by a consortium of wealthy buyers.”
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“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.” – reads the statement.
- Lee faces several charges, including 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.
- He could face up to 20 years in prison for each of the mail fraud, conspiracy, and wire fraud counts, and an additional 10 years for each count of engaging in criminal monetary transactions.
- The SEC charged Chandran and seven others in January of this year for their involvement in the CoinDeal scheme. Chandran was arrested in June 2022.
- Another party, Michael Glaspie, who was responsible for the marketing of CoinDeal, pleaded guilty to one count of wire fraud earlier this year and is scheduled to be sentenced in mid-June.
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