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

Return to Archive

TESTIMONIALS

Previous
Next

If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.

LATEST NEWS AND ARTICLES

June 27, 2025
FINRA Sanctions Advisor for Accepting $1 Million Inheritance from Client Without Firm Approval

FINRA has fined and suspended veteran advisor Kenneth J. Malm for accepting a $1 million inheritance from a client without receiving the necessary firm approval.

June 26, 2025
SEC Charges Marine Veteran in $2.5 Million Ponzi Scheme

The Securities and Exchange Commission (“SEC”) has charged Marine Corps veteran Christopher Aubin with fraud, accusing him of running a $2.5 million Ponzi scheme that defrauded dozens of investors, including several of his former military colleagues.

June 25, 2025
FINRA Fines and Suspends Advisor for Selling Away and Receiving Client Loans

The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Jose Antonio “Tony” Navarro for selling unapproved investments and borrowing funds from clients.