SEC commissioned the team behind Coindeal crypto fraud, which promised 500,000-fold investments-regulation
SEC commissioned the team behind Coindeal crypto fraud, which promised 500,000-fold investments-regulation
The US Securities and Exchange Commission (SEC) has charged the team behind Coindeal, a fraudulent crypto investment program of $ 45 million. The regulatory authority said that the accused wrongly claimed that Coindeal would "generate investment returns of more than 500,000 times for investors".
Sec takes measures against coindeal crypto fraud
This announced the US stock exchange supervisory authority SEC on Wednesday calculated the creator of the crypto-Investivation program and Seven more in connection with the $ 45 million fraud.
The securities supervisory authority described Coindeal as "a brazen and far -reaching non -registered offer fraud, which was carried out between at least 2018 and 2022", and stated:
Coindeal ... collected more than $ 45 million from the sale of non-registered securities to tens of thousands of investors worldwide.
The SEC said that the creator Neil Neil Chandran and the promoters Garry Davidson, Michael Glaspie, Amy Mossel and Linda Knott “wrongly claimed that investors could achieve extravagant returns by investing in a blockchain technology called Coindeal that would be sold to a group of blockchain prominent and wealthy Buyer. “
The supervisory authority said, however, that there was never a coindeal sale and there were no distributions to investors. The defendants "misappropriated millions of dollars of investor funds for personal use, and Chandran used investor funds to buy objects such as cars, real estate and a boat", wrote the Sec.
The securities supervision also accused AEO Publishing Inc., Banner Co-OP Inc. and Bannersgo LLC because of their participation in the fraudulent crypto investment program.
Daniel Gregus, director of the SEC regional office in Chicago, said:
We claim that the accused have incorrectly claimed to have access to valuable blockchain technology and that the upcoming sale of technology would generate investors from more than 500,000 times.
The director added: "As claimed in our complaint, this was actually all a sophisticated scheme in which the accused enriched themselves while cheating tens of thousands of small investors."
In June last year, the US Justice Ministry (DOJ) Chandran sued in three cases of transfer fraud and two cases of money transactions with illegal revenue in connection with the coindeal crypto fraud system.
What do you think about the procedure of the SEC against Coindeal? Let us know in the comment area below.
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