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    Home»Crypto»SEC Indicts Team Behind Coindeal Crypto Scam Promising 500,000x Investment Return – Regulation Bitcoin News
    Crypto

    SEC Indicts Team Behind Coindeal Crypto Scam Promising 500,000x Investment Return – Regulation Bitcoin News

    admin1By admin1January 7, 20233 Mins Read
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    SEC Indicts Team Behind Coindeal Crypto Scam Promising 500,000x Investment Return

    The U.S. Securities and Exchange Commission (SEC) has indicted the team behind Coindeal, a $45 million fraudulent crypto investment scheme. The regulator explained that the defendants made false claims that Coindeal “will generate more than 500,000 times investment returns for investors.”

    SEC Takes Action Against Coindeal Crypto Fraud

    The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has indicted cryptocurrency investment scheme creator Coindeal and seven others in connection with a $45 million fraud.

    Describing Coindeal as “a brazen and widespread unregistered offering fraud that took place between at least 2018 and 2022,” securities regulators detailed:

    Coindeal … Raised over $45 million in unregistered securities sold to tens of thousands of investors worldwide.

    The SEC believes creator Neil Chandran and promoters Gary Davidson, Michael Glaspie, Amy Mossel and Linda Knott will generate exorbitant profits for investors to invest in a blockchain technology called Coindeal. I explained that I had falsely claimed that I could. A prominent and wealthy buyer. ”

    However, the regulator said there has never been a sale of Coindeal and no distribution to investors has taken place. Defendants “collectively misappropriated millions of dollars of investor funds for personal use, and Chandran used investor funds to purchase goods such as cars, real estate, and boats.” SEC writes.

    Securities regulators have also indicted AEO Publishing Inc., Banner Co-Op Inc., and Bannersgo LLC. for involvement in fraudulent cryptocurrency investment schemes.

    Daniel Gregas, Director of the SEC’s Chicago Regional Office, said:

    Defendants falsely claim access to valuable blockchain technology, and claim that the technology’s imminent sale will generate investors more than 500,000 times their investment return.

    The director said, “As alleged in our complaint, in reality, this all boils down to an elaborate scheme by the defendants to enrich themselves while defrauding tens of thousands of private investors.” was.”

    Last June, the U.S. Department of Justice (DOJ) indicted Chandran for three wire frauds and two illegal financial transactions in connection with the Coindeal crypto-fraud scheme.

    What are your thoughts on the SEC’s action against Coindeal? Let us know in the comments section below.

    Kevin Helms

    An Austrian economics student, Kevin has been an evangelist since he discovered Bitcoin in 2011. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

    image credit: Shutterstock, Pixabay, Wiki Commons

    Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS, OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.

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