The U.S. Securities and Exchange Commission (SEC) has announced that several alleged fraudsters, including Neil Chandran, have launched a series of legal actions around the world based on false promises that they are securing lucrative deals to sell blockchain technology. accused of organizing a scheme to get cash from tens of thousands of investors in
Chandran, who has already been held since last year on federal fraud charges stemming from the same incident, owns several companies and invests through intermediaries he claims share information about pending technology deals. I scammed homes and made over $45 million. To investors as a “CoinDeal,” federal regulators said Wednesday.
The SEC also charged Garry Davidson, Michael Glaspie, Amy Mossel and Linda Knott with working with Chandran to violate US securities laws.
Daniel Gregas, director of the SEC’s Chicago regional office, said: “Defendants falsely claim access to valuable blockchain technology, and the imminent sale of the technology will give investors more than half a million times their investment return. According to the SEC and Department of Justice, the money was actually diverted to Chandran and other businesses, as well as luxury cars for Chandran and others’ personal use. , real estate, and boats.
CoinDeal is also the name of a cryptocurrency exchange led by Adam Bicz and Kajetan Maćkowiak that will move from Malta to Saint Vincent and the Grenadines in 2021. There doesn’t seem to be any connection between the two.
Companies AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC are also allegedly involved in the Chandran scam, accepting cash and cryptocurrency payments from investors.
Investors have been criticized for months on online forums, including Reddit, that the deal they funded was clearly a fraud, under another name that Glaspie commonly used when soliciting investors: “Mike.” I was lamenting that it was associated with G.
The SEC is seeking to recover the remaining money and will fine those involved.
