A Nevada man is facing time behind bars for his alleged role in the multi-million-dollar CoinDeal investment scheme.
According to a new press release, the U.S. Department of Justice (DOJ) is charging 57-year-old Bryan Lee for his alleged participation in defrauding 10,000 investors out of $45 million and misappropriating their funds.
The DOJ says that Lee worked alongside Neil Chandran, who was arrested last June, and others to defraud investors in companies controlled by Chandran by telling them that they were about to be bought out by buyers with deep pockets.
“Chandran allegedly misled investors by falsely promising extremely high returns on the premise that his companies were about to be acquired by a consortium of wealthy buyers.
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.”
Lee is charged with 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, according to the press release. If convicted, he faces decades in prison.
Michael Glaspie, who illicitly marketed the investments into Chandran’s companies under the name “CoinDeal,” pleaded guilty to one count of wire fraud in February and is set to be sentenced on June 16th.
