In a revealing turn of events, a Nevada man, Bryan Lee, 57, of Las Vegas, is facing charges for his alleged involvement in a large-scale investment fraud, duping over 10,000 investors out of a staggering $45 million. Lee’s initial appearance in federal court is set for today in his hometown of Las Vegas.
The Plot Behind CoinDeal Scheme
Court documents have painted a worrying picture. It appears Lee conspired with Neil Chandran and several others, systematically defrauding investors in multiple companies Chandran managed. These companies, operating under the umbrella of “ViRSE,” included a wide variety of businesses from Free Vi Lab and Studio Vi Inc. to ViMarket Inc. and Skalex USA Inc., among others. However, things went far beyond a mere business venture.
Promised Riches and Virtual World Tech
Investors were drawn in by promises of developing revolutionary virtual-world technologies, including their own cryptocurrency for use in an emerging digital realm known as the metaverse. Chandran allegedly lured investors by guaranteeing extraordinarily high returns, based on the premise that his companies were about to be bought out by a consortium of affluent buyers.
Alleged Misuse of Investor Funds
In addition, Lee was purportedly the frontman and director of ViMarket, tasked with the disbursement of investor funds into the company’s bank accounts as instructed by Chandran. It is alleged that Lee and Chandran wrongfully appropriated millions of dollars from investors, squandering it on luxury cars and real estate.
Legal Charges and Potential Penalties”
The allegations against Lee are serious. The indictment against him includes one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of carrying out monetary transactions with criminally derived property. If found guilty, Lee is staring at a maximum sentence of 20 years in prison for each count of wire fraud, mail fraud, and conspiracy. On top of that, he could serve up to 10 years for each count of executing illegal monetary transactions.
Other Players in the Scam
Chandran was apprehended in June 2022 for his alleged involvement in the scheme. Another individual, Michael Glaspie, who deceptively marketed investments with Chandran’s companies under the name “CoinDeal,” confessed to one count of wire fraud in February 2023. He is scheduled for sentencing on June 16.
Investigation and Prosecution
The charges were announced by a team of officials including Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division, U.S. Attorney Steven A. Russell for the District of Nebraska, Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division, and Assistant Director in Charge David Sundberg of the FBI Washington Field Office. The FBI Washington Field Office, with significant support from the FBI Las Vegas and Omaha Field Offices, is leading the investigation.
Rights of Victims
Victims of this fraudulent scheme are urged to identify themselves and learn more about their rights, including the opportunity to submit a victim impact statement at www.justice.gov/criminal-vns/case/united-states-v-neil-chandran-united-states-v-michael-glaspie. Remember, an indictment is simply an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Xylo News 