SEC Charges Creator of CoinDeal Crypto Scheme and Seven Others Over $45 Million Fraud

Posted on January 17th, 2023 at 1:57 PM
SEC Charges Creator of CoinDeal Crypto Scheme and Seven Others Over $45 Million Fraud

From the Desk of Jim Eccleston at Eccleston Law.

The Securities and Exchange Commission (SEC) has changed Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC for their involvement in a fraudulent investment scheme known as CoinDeal, which raised at least $45 million from sales of unregistered securities.

The SEC’s complaint accuses Chandran, Davidson, Glaspie, Knott, and Mossel of falsely claiming that investors would generate extraordinary returns by investing in a blockchain technology, known as CoinDeal, which would purportedly be sold for trillions of dollars to a group of wealthy buyers. Between January 2019 and 2022, Chandran, Davidson, Glaspie, Knott, and Mossel allegedly made several false and misleading statements to investors pertaining to the value of CoinDeal, the parties involved in the purported sale of CoinDeal, and the utilization of investment proceeds, according to the SEC.

The SEC’s complaint alleges that CoinDeal’s sale never occurred while CoinDeal investors never received any distributions. Furthermore, the SEC’s complaint accuses the defendants of using the misappropriated funds to cover personal expenses, including alleging that Chandran used the funds to purchase cars, real estate, and a boat. The SEC’s complaint seeks disgorgement, penalties, and permanent injunctions against each defendant.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, law, sec

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