The U.S. Department of Justice claimed that Bryan Lee, a 57-year-old individual, collaborated with others to swindle over 10,000 investors out of $45 million. Investigators have stated that CoinDeal was an investment scheme centered around blockchain technology, involving a new digital currency and the metaverse. The Department of Justice noted that the scheme enticed investors with the promise of exceptionally high returns, based on the involvement of affluent individuals.
As per court documents, it is alleged that Lee was involved in a conspiracy alongside Neil Chandran and other individuals with the intention of defrauding investors in companies under Chandran’s control. These companies were collectively known as “ViRSE” and included entities such as Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., and Skalex USA Inc., among others.
Lee has been charged with multiple offenses, including one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in monetary transactions involving illegally obtained assets. He is scheduled to appear in a federal court today and could potentially face a maximum sentence of 20 years in prison for each wire fraud, mail fraud, and conspiracy count.
Additionally, he may face up to 10 years in prison for each count of engaging in unlawful monetary transactions. In total, Lee could potentially be sentenced to 100 years of imprisonment, as stated by the Department of Justice.
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