Coindeal Scammer Charged Over $45 Million Crypto Fraud

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  • Another individual has been arrested in connection with the Coindeal scam
  • The scam, which was busted last year, raised $45 million for its perpetrators
  • Bryan Lee has been accused of numerous types of fraud

Las Vegas resident Bryan Lee has been charged with multiple counts of fraud over the Coindeal crypto scam, months after his associates were first pulled up for it. The Coindeal scam operated for around three years and involved a group of individuals soliciting investment from victims on the promise of the technology behind Coindeal being sold for trillions of dollars. The group managed to solicit $45 million before the scam was busted, with Lee arrested last week for his role in it.

500,000x Returns Promised

According to court records, Lee is accused of participating in a conspiracy to deceive investors in companies controlled by another man, Neil Chandran. These companies, operating under the name “ViRSE,” included Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., and Skalex USA Inc., among others. The purported focus of these companies was the development of virtual-world technologies, including their own cryptocurrency, for utilization in a metaverse.

Chandran allegedly misled investors by making false promises of exceptionally high profits, suggesting that his companies were on the verge of being acquired by a group of affluent buyers. It is claimed that Lee acted as the nominal owner and director of ViMarket, taking instructions from Chandran regarding the distribution of investor funds into ViMarket’s bank accounts. Lee and Chandran also allegedly misappropriated millions of dollars from investors, utilizing the funds for purchasing luxury vehicles and real estate.

Lee Facing Decades in Jail

Lee has been indicted and is facing multiple charges, including one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in monetary transactions involving unlawfully obtained assets. If convicted, he could be sentenced to a maximum of 20 years in prison for each count of wire fraud, mail fraud, and conspiracy, as well as up to 10 years in prison for each count of engaging in monetary transactions with criminally derived property.

Chandran, who allegedly played a role in the scheme, was arrested in June 2022 and is also facing charges. Another individual named Michael Glaspie, who was involved in the fraudulent marketing of investments connected to Chandran’s companies under the CoinDeal name, pleaded guilty to one count of wire fraud in February 2023. Glaspie is scheduled to be sentenced on June 16.