Home SEC Charges CoinDeal in $45 mn Fraud Case

SEC Charges CoinDeal in $45 mn Fraud Case

Share
Share

SEC Charges CoinDeal in a $45 mn Fraud Case

U.S. Regulators are starting 2023 off with a new round of cases targeting cryptocurrency scams. Six individuals and two companies tied to an investment scheme called CoinDeal were charged on Wednesday by the U.S. Securities and Exchange Commission in the U.S. District Court for the Eastern District of Michigan.

“We allege the defendants falsely claimed access to valuable blockchain technology and that the imminent sale of the technology would generate investment returns of more than 500,000 times for investors,” said Daniel Gregus, Director of the SEC’s Chicago Regional Office.

The SEC has charged Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, and Linda Knott for their role in CoinDeal, a scheme the agency says raised more than $45 million from sales of what it calls unregistered securities to thousands of investors worldwide.

The agency also filed charges against AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC. Chandran is already behind bars, awaiting trial in a separate investment fraud case under the U.S. Justice Department.

(Reporting by Shikha Singh; Editing by Kapil Rajyaguru)

Share

Latest News

News
South Korea Recovers $21M BTC As Authorities Track Anonymous Hacker

South Korea Recovers $21M BTC As Authorities Track Anonymous Hacker

Key Takeaways South Korea recovered about $21 million in Bitcoin after a rare crypto theft case. The funds belonged to the Gwangju...

News
Stripe’s Bridge Gets Initial OCC Trust Approval

Stripe’s Bridge Wins Initial Approval For National Bank Trust Charter

The U.S. Office of the Comptroller of the Currency has given Bridge, a stablecoin infrastructure company owned by Stripe, preliminary approval to...

News
Robinhood Plans $1B IPO for Private Market Access

Robinhood Targets $1B IPO To Expand Retail Access To Private Markets

Trading platform Robinhood Markets is reportedly planning a $1 billion IPO of a closed-end fund aimed at giving retail investors access to...

News
Ledn’s $188M Bitcoin Bond Deal Signals Crypto Lending Comeback

Ledn’s $188M Bitcoin Bond Deal Signals Crypto Lending Comeback As Coinbase Expands Loans

Key Takeaways Ledn sold $188M bonds backed by Bitcoin. This big step shows hope for crypto lending again. The crypto loan market...

Latest Blogs

What Are Crypto ETFs & Advantages Of Investing In Bitcoin ETFs?

Ever wondered what are ETFs and why is everyone suddenly talking about Bitcoin ETFs? Well, ETFs are one of the major reasons...

How To Analyze A Crypto Project Before Investing

In the rapidly changing world of digital assets, investing in a trade solely because of social media hype is a recipe for...

Exclusive Interview: John Dagostino on India’s Crypto Future

In a world where digital assets are quickly moving from the periphery of finance to the very heart of the global infrastructure,...

Bitcoin Price Prediction 2025, 2026-2030: Can BTC Rally to $200K?

Will Bitcoin Reach $200k in the Future? Expert Bitcoin Price Predictions for 2025 and beyond The future direction of Bitcoin from 2025...

Related Articles

What Are Crypto ETFs & Advantages Of Investing In Bitcoin ETFs?

Ever wondered what are ETFs and why is everyone suddenly talking about...

How To Analyze A Crypto Project Before Investing

In the rapidly changing world of digital assets, investing in a trade...

Exclusive Interview: John Dagostino on India’s Crypto Future

In a world where digital assets are quickly moving from the periphery...

Bitcoin Price Prediction 2025, 2026-2030: Can BTC Rally to $200K?

Will Bitcoin Reach $200k in the Future? Expert Bitcoin Price Predictions for...