A Nevada man risks time behind bars for his alleged role in the multi-million dollar CoinDeal investment scheme.
According to a new press release, the United States Department of Justice (DOJ) is indicting 57-year-old Bryan Lee for his alleged participation in defrauding 10,000 investors out of $45 million and embezzling their funds.
The DOJ says Lee collaborated with Neil Chandran, who was arrested last June, and others to defraud investors in Chandran-controlled companies by telling them they were about to be bought out by deep-pocketed buyers.
“Chandran allegedly misled investors by falsely promising extremely high returns on the assumption that his companies were about to be taken over by a consortium of wealthy buyers.
As further alleged, Lee was the nominee owner and director of ViMarket, taking instructions from Chandran on how to deposit funds received from investors into ViMarket’s bank accounts.
Lee and Chandran reportedly embezzled millions of dollars in investor funds and spent them on luxury cars and real estate.
According to the press release, Lee is charged with one count of conspiracy, two counts of mail fraud, one count of wire fraud and three counts of entering into money transactions in criminally obtained property. If convicted, he risks decades in prison.
Michael Glaspie, who illegally marketed the investments in Chandran’s companies under the name “CoinDeal”, pleaded guilty to one count of fraud in February and will be sentenced on June 16.
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