Nevada man Bryan Lee has been accused of defrauding 10,000 investors of over $45M in a fake metaverse project, according to federal prosecutors. Along with three others, Lee allegedly promoted CoinDeal as a legitimate business developing VR products and claimed to be in talks with a consortium of wealthy buyers. - The indictment states that Lee and his co-conspirators falsely advertised the involvement of two billionaires, matching the characteristics of Bezos and Musk.
- Prosecutors allege that the fraudsters spent investor funds on luxury cars and real estate instead of using them for operating expenses as promised.
- Neil Chandran, described as the conglomerate's owner, and Michael Glaspie, who helped collect investor funds, were also involved in the scheme, prosecutors said.
- Chandran and Glaspie were charged by the U.S. Securities and Exchange Commission (SEC) for their roles in the unregistered offer and sale of securities.
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