Metaverse Scam Unraveled: Las Vegas Resident Charged In $45 Million Fraud Scheme

In a major development, federal prosecutors have unveiled charges against Bryan Lee, a resident of Las Vegas, as part of an ongoing investigation into an alleged cryptocurrency and Metaverse scam. The intricate fraud, known as the CoinDeal scam, allegedly duped over 10,000 investors by enticing them with promises of astronomical returns totaling one trillion dollars.

The Deceptive CoinDeal Scheme

The indictment against Bryan Lee sheds light on his collaboration with three other individuals to orchestrate the CoinDeal investment fraud. Under the guise of developing virtual reality products within a legitimate family of businesses, Lee and his co-conspirators lured investors with the prospect of their crypto token tied to a fictitious Metaverse project.

They further amplified their scheme by falsely claiming association with prominent billionaires, possibly alluding to figures like Jeff Bezos and Elon Musk, renowned pioneers in the tech industry. As part of the ruse, Lee and his cohorts emphasized the existence of a potential consortium of wealthy buyers interested in acquiring their Metaverse venture.

This charade enabled them to collect substantial sums from unsuspecting investors under the pretense of funding operational expenses until the lucrative sale materialized. However, the reality behind the scenes painted a starkly different picture.

Prosecutors reveal that the alleged fraudsters indulged in lavish personal expenditures, splurging on luxury cars and real estate instead of pursuing the promised Metaverse development.

Unraveling the Scam And Legal Proceedings

While Lee’s name did not feature in the initial Securities and Exchange Commission (SEC) complaint filed in January, he now faces a superseding indictment alongside his accomplices. The indictment highlights Lee’s collaboration with Neil Chandran, the individual claiming ownership of the conglomerate orchestrating the fraudulent scheme, and Michael Glaspie, a Florida resident instrumental in collecting funds from investors.

Additionally, the authorities have charged an unnamed co-conspirator, “Individual-1,” who allegedly raised and laundered money for Chandran, possibly matching the description of Garry Davidson, a Nevada man mentioned in the SEC complaint.

The charges against Lee, Chandran, Glaspie, and others involved in the CoinDeal investment scheme revolve around the unregistered offer and sale of securities. The SEC complaint further exposes Chandran’s history as a “recidivist securities law violator and convicted felon,” highlighting that the fraud primarily targeted “less sophisticated investors.”

These victims were enticed by grandiose claims that the Metaverse technology would eventually be sold for trillions of dollars to the consortium of billionaires, as fabricated by the fraudulent group.

The global crypto market cap price chart on TradingView

Despite recent news, the crypto market has maintained composure. Over the past 24 hours, the global crypto market has seen a nearly 1% gain, with a value sitting firmly above $1 trillion.

Featured image from Unsplash, Chart from TradingView

Source: https://bitcoinist.com/metaverse-scam-unraveled-las-vegas-resident-charged/

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