SEC Charges Creator of CoinDeal Crypto Scheme, Seven Others

The SEC charged Neil Chandran, the creator of CoinDeal Crypto Scheme, and seven others for their involvement in a fraudulent scheme that raised more than $45 million from sales of unregistered securities to investors worldwide.

• According to the SEC’s complaint filed in the U.S. District Court for the Eastern District of Michigan, Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott falsely claimed that investors could generate returns by investing in CoinDeal that would be sold for trillions of dollars
• According to the complaint, no sale of CoinDeal ever occurred and no distributions were made to CoinDeal investors
• The complaint ...