57-year-old Las Vegas resident charged for alleged involvement in $45M CoinDeal scam: DOJ

Months after the Securities and Exchange Commission charged eight people allegedly involved in perpetrating the $45 million CoinDeal scam, the Justice Department has gone after the other side.

Brian Lee, a 57-year-old Las Vegas resident, was charged with conspiring with the main perpetrator of the scam that defrauded more than 10,000 investors.

• DOJ’s statement Lee accused him of working with Neil Chandran and other involved parties to defraud investors through one of the companies controlled by Chandran.
• Chandran Free Vi Lab, ViDelivery Inc., and ViMarket Inc. were behind several Metaverse-related entities that promised suspiciously high returns to investors, only to be acquired by “a consortium of wealthy buyers”.

“As further alleged, Lee was the nominee owner and director of ViMarket, and used to take directions from Chandran as to how to disburse the investor money received in the bank accounts of ViMarket. Lee and Chandran allegedly embezzled millions of dollars of investors’ money and spent it on luxury cars and real estate. – reads the statement.

• Lee faces 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 in criminally derived property.
• He could face up to 20 years in prison for each count of mail fraud, conspiracy and wire fraud, and up to 10 years for each count of engaging in criminal monetary transactions.
• The SEC charged Chandran and seven others with involvement in the Coindeal scheme in January this year. Chandran was arrested in June 2022.
• Another party, Michael Glaspie, who was responsible for marketing CoinDeal, pleaded guilty earlier this year to a count of wire fraud and will be sentenced in mid-June.

Months after the Securities and Exchange Commission charged eight people allegedly involved in perpetrating the $45 million CoinDeal scam, the Justice Department has gone after the other side.

Brian Lee, a 57-year-old Las Vegas resident, was charged with conspiring with the main perpetrator of the scam that defrauded more than 10,000 investors.

• DOJ’s statement Lee accused him of working with Neil Chandran and other involved parties to defraud investors through one of the companies controlled by Chandran.
• Chandran Free Vi Lab, ViDelivery Inc., and ViMarket Inc. were behind several Metaverse-related entities that promised suspiciously high returns to investors, only to be acquired by “a consortium of wealthy buyers”.

“As further alleged, Lee was the nominee owner and director of ViMarket, and used to take directions from Chandran as to how to disburse the investor money received in the bank accounts of ViMarket. Lee and Chandran allegedly embezzled millions of dollars of investors’ money and spent it on luxury cars and real estate. – reads the statement.

• Lee faces 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 in criminally derived property.
• He could face up to 20 years in prison for each count of mail fraud, conspiracy and wire fraud, and up to 10 years for each count of engaging in criminal monetary transactions.
• The SEC charged Chandran and seven others with involvement in the Coindeal scheme in January this year. Chandran was arrested in June 2022.
• Another party, Michael Glaspie, who was responsible for marketing CoinDeal, pleaded guilty earlier this year to a count of wire fraud and will be sentenced in mid-June.