A fake blockchain business deal cost scammed investors more than $45 million, according to an SECGov enforcement action. jesseahamilton reports
to get cash from tens of thousands of investors globally on the false promise that they were securing a lucrative deal to sell blockchain technology.
Chandran, who has already been held since last year on federal fraud charges stemming from the same case, owns several companies and scammed investors for more than $45 million through intermediaries who claimed to be sharing information about a pending deal for the technology, which was known to investors as “CoinDeal,” the federal regulator said Wednesday.
The SEC also accused Garry Davidson, Michael Glaspie, Amy Mossel and Linda Knott of working with Chandran in violating U.S. securities laws. “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.
CoinDeal is also the name of a cryptocurrency exchange helmed by Adam Bicz and Kajetan Maćkowiak and based in St. Vincent and the Grenadines, havingCompanies AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC were also associated with the Chandran fraud and were said to be the recipients of investors’ cash and crypto payments.that the deal they pumped money into was apparently a scam, often associated with “Mike G” – another name Glaspie commonly used as he recruited investors.
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