The Securities and Exchange Commission has filed charges against several individuals and businesses for their participation in a fraud investment scheme known as CoinDeal. Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott, AEO Publishing Inc., Banner Co-Op, Inc., BannersGo, LLC, and AEO Publishing Inc. are accused of raising more than $45 million through the sale of unregistered security to thousands of investors around the world.
The SEC complaint claims that the defendants made false statements about investors’ potential profits from investing in CoinDeal. This blockchain technology was supposed to be sold to wealthy buyers for trillions. The SEC complaint states that the defendants spread false and misleading information about CoinDeal’s value, parties involved in its sales, and how investment funds were used. Further, it is alleged that CoinDeal was never sold and the defendants misappropriated thousands of dollars to use for their own personal gain.
Neil Chandran was also indicted on charges of wirefraud and illegal monetary transactions related to his involvement with CoinDeal by the U.S. Department of Justice.
In its complaint, the SEC accuses defendants of various violations including securities fraud, aiding and abetment and other related offenses. The SEC wants disgorgement of money, penalties and permanent injunctions against the defendants.
The SEC continues its investigation and the Chicago Regional Office will handle the litigation. The SEC is grateful for the Michigan Department of Licensing and Regulatory Affairs and Florida Office of Financial Regulation’s assistance.
Investors are warned about red flags by the Office of Investor Education and Advocacy of the SEC. investment fraud.
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Securities and Exchange Commission is the regulatory agency that enforces and oversees securities laws in the United States. The primary goal of the SEC is to protect investors and maintain fair, efficient, and transparent markets. The SEC is responsible for requiring companies to provide important financial information, which ensures transparency and prevents fraud. The SEC also regulates brokers, securities exchanges and investment advisers and takes legal actions against individuals and entities who violate securities laws. The SEC has a vital role to play in maintaining integrity and stability in the U.S. market.
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