Las Vegas man charged in $45M metaverse crypto fraud scheme with 10,000 victims

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LAS VEGAS, Nev. (FOX5) — A Las Vegas man has been indicted for his alleged involvement in CoinDeal, an investment fraud scheme that defrauded more than 10,000 victims out of more than $45 million.

According to court documents, Bryan Lee, 57, will make his first appearance in federal court today in Las Vegas. Lee allegedly conspired with Neil Chandran and others to defraud investors in companies controlled by Chandran.

The companies were supposed to develop virtual world technologies, including their own cryptocurrency, for use in a metaverse. Chandran allegedly deceived investors by falsely promising extremely high returns on the assumption that his businesses were about to be acquired by a consortium of wealthy buyers.

Lee and Chandran allegedly embezzled millions of dollars in investor funds and spent them on luxury cars and real estate. Lee is charged by indictment with one count of conspiracy, two counts of mail fraud, one count of wire fraud and three counts of engaging in criminal property money transactions. If convicted, Lee faces up to 20 years in prison for each count of wire fraud, mail fraud and conspiracy, and up to 10 years in prison for each count of dealings. illegal money.

Chandran was arrested in June 2022 and charged for his alleged role in the scheme. Michael Glaspie, who fraudulently traded the investment with Chandrans companies as CoinDeal, pleaded guilty to one count of wire fraud in February 2023 and is expected to be sentenced on June 16.

The FBI field office in Washington is investigating the case with significant assistance provided by FBI field offices in Las Vegas and Omaha.

All investors who fall victim to this fraud are encouraged to visit the web page www.justice.gov/criminal-vns/case/united-states-v-neil-chandran-united-states-v-michael-glaspie to identify themselves in as potential victims and obtain more information about their rights as victims, including the possibility of submitting a victim impact statement.

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