The FBI has charged a Nevada resident for his alleged involvement in a fraudulent investment scheme known as CoinDeal. The scheme reportedly defrauded more than 10,000 victims, resulting in losses exceeding $45 million.
Bryan Lee, aged 57 and residing in Las Vegas, was set to appear in federal court on Friday, May 19.
Fraud Charges
As per court documents, the individual in question stands accused of collaborating with Neil Chandran and others in defrauding investors who had invested in companies under Chandran's control. These companies, collectively referred to as "ViRSE," encompass Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., Skalex USA Inc., and other entities.
Supposedly, their primary focus revolved around the development of virtual-world technologies, including a proprietary cryptocurrency, intending to implement them in a metaverse.
Allegedly, Chandran deceived investors by falsely guaranteeing exorbitant returns, asserting that his companies were about to be acquired by a consortium of affluent purchasers.
The indictment further claims that the Nevada man, acting as the nominal owner and director of ViMarket, dutifully complied with Chandran's instructions on allocating investor funds into ViMarket's bank accounts.
It is alleged that he misappropriated millions of dollars obtained from investors together with Chandran, utilizing these funds for personal gratification, such as acquiring luxury vehicles and real estate properties.
The indictment sets forth numerous charges against him, including conspiracy, mail fraud, wire fraud, and engaging in monetary transactions associated with unlawfully obtained assets.
In the event of a conviction, Lee could potentially receive a maximum prison term of 20 years for each count of wire fraud, mail fraud, and conspiracy and up to 10 years for each instance of engaging in illicit monetary transactions.
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Alleged Involvement
Neil Chandran, who has been implicated in the fraudulent scheme, was apprehended in June 2022 and has already faced charges related to his alleged involvement.
Additionally, Michael Glaspie, who reportedly played a deceptive role in promoting the investment alongside Chandran's companies, operating under the name "CoinDeal," has pleaded guilty to one count of wire fraud. The sentencing hearing for Glaspie is scheduled to take place on June 16.
The announcement of Lee's charges was made jointly by 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 is leading the investigation into the case, with support from the FBI Las Vegas and Omaha Field Offices.
The case is being prosecuted by Assistant Chief William E. Johnston and Trial Attorney Tian Huang of the Criminal Division's Fraud Section in collaboration with Assistant U.S. Attorney Donald Kleine for the District of Nebraska.
Meanwhile, Senior Policy Advisor Darrin McCullough of the Criminal Division's Money Laundering and Asset Recovery Section oversees forfeiture matters.
FBI recommends that all individuals affected by the scheme visit its website to identify themselves as potential victims and obtain valuable information about the case.
However, it is crucial to note that an indictment represents an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law, as noted by the FBI.
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