Nevada Man Indicted in CoinDeal Investment Fraud Scheme Targeting Thousands of Victims
By TheNevadaGlobeStaff, May 19, 2023 2:35 pm
LAS VEGAS – Bryan Lee, a 57-year-old resident of Nevada, is now facing federal charges for his alleged involvement in a fraudulent investment scheme linked to CoinDeal. The U.S. Department of Justice has accused Lee of conspiring with Neil Chandran to defraud investors in companies controlled by Chandran, which include Free VI Lab, Studio Vi, ViDelivery, ViMarket, and Skalex USA. These companies purportedly focused on developing virtual-world technologies, including cryptocurrency applications for a metaverse.
According to court documents, Chandran enticed investors with promises of substantial returns, claiming that his companies were on the verge of being acquired by a “consortium of wealthy buyers.” Lee, identified as the nominee owner and director of ViMarket, is alleged to have misappropriated millions of dollars from investors and used the funds for personal expenses such as luxury cars and real estate.
The Justice Department revealed that over 10,000 victims fell prey to the scheme, collectively losing more than $45 million.
Lee has been charged with conspiracy, mail fraud, wire fraud, and engaging in monetary transactions involving criminally derived property. If convicted, he could face a maximum sentence of 20 years in prison for each of the first three charges, and up to 10 years in prison for the last charge.
Neil Chandran, who was arrested in June 2022, is also facing charges related to the investment fraud scheme.
Copyright 2022 775 Times, NV Globe. All rights reserved.