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Las Vegas man charged in CoinDeal investment fraud scheme

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LAS VEGAS (KTNV) — A Nevada man is facing federal charges after being accused of participating in a CoinDeal investment fraud scheme.

According to the Justice Department, 57-year-old Bryan Lee is accused of conspiring with Neil Chandran to defraud investors in companies that Chandran controlled. That includes Free VI Lab, Studio Vi, ViDelivery, ViMarket, and Skalex USA. Court documents state those companies were supposedly developing virtual-world technologies, including cryptocurrency, that could be used in a metaverse.

Investigators said Chadran promised high returns to investors and that his companies were about to be acquired by a "consortium of wealthy buyers." Court documents state Lee was the nominee owner and director of ViMarket and allegedly misappropriated millions of dollars of investor funds and spent it on luxury cars and real estate.

The Justice Department said the scheme targeted more than 10,000 victims who lost over $45 million.

Lee has been charged with conspiracy, mail fraud, wire fraud, and engaging in monetary transactions in criminally derived property. If convicted, Lee is facing up to 20 years in prison for each of the first three charges and up to 10 years in prison of the last charge.

Chandran was arrested in June 2022 and is also facing charges.