The U.S. Securities and Exchange Commission (SEC) has charged five people and three entities related to the fraudulent crypto project CoinDeal with fraud.
The defendants lured investors to put their money into the company by promising returns of over 500,000 times their initial investments.
The defendants claimed that CoinDeal would be worth trillions of dollars and sold to a group of “prominent and wealthy buyers.”
No sale of CoinDeal ever occurred, and no investor received any return on their investments.
The defendants managed to raise $45 million from investors worldwide and used the funds to buy luxury real estate, cars, and a boat.
The agency announced on Wednesday that the U.S. Securities and Exchange Commission (SEC) had charged five people and three companies connected to the scam crypto project CoinDeal with fraud.
The SEC alleges that from 2019 to 2022, Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, and Linda Knott falsely claimed that investors
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