Authorities today hit a Las Vegas man with charges related to the CoinDeal crypto fraud scheme. The U.S. Department of Justice alleged on Friday that 57-year-old Bryan Lee worked with others to defraud more than 10,000 investors out of $45 million. 

Investigators say CoinDeal was a blockchain technology investment scheme which involved a new cryptocurrency and the metaverse. It promised investors “extremely high” returns, according to the DOJ, because wealthy investors were set to get involved. 

But in January, the U.S. Securities and Exchange Commission said it was nothing more than an “elaborate scheme where the defendants enriched themselves while defrauding tens of thousands of retail investors.” At the time, a number of people were charged for violating securities laws. 

Today, the DOJ announced new criminal charges, alleging that Lee and his co-worker Neil Chandran misappropriated millions of dollars of investor funds and spent it on luxury cars and real estate.

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Author: Mathew Di Salvo

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