Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

That is just fantastic! Thank you very much!

Julie N.

LATEST NEWS AND ARTICLES

1791578435 Law
October 9, 2026
PIMCO Faces Heavy Losses on Philadelphia Office CMBS

Pacific Investment Management Co.

1791477640 Law
October 8, 2026
Delaware Life Faces Proposed Class Action Over Alleged Private Credit Disclosures

A Florida investor has filed a proposed class action against Delaware Life Insurance Co.

1791390362 Law
October 7, 2026
SEC Charges Investment Fund Operators in Alleged $8.7 Million Fraud Scheme

The Securities and Exchange Commission (SEC) has charged Christopher Kenji Dinelli and Jacob David "Kobe" Frankel with allegedly defrauding 35 investors of more than $8.7 million through Beyond Alpha Ventures LLC and investment advisory firm Beyond Equity LLC.