• The U.S. Securities and Exchange Commission (SEC) charged eight individuals and organizations with fraudulently stealing $45 million from investors in the CoinDeal crypto project.
• The accused individuals and companies allegedly used the money to purchase real estate, cars, and a boat.
• The SEC is trying to halt the ongoing crime and protect investors from potential losses.
The U.S. Securities and Exchange Commission (SEC) recently charged eight individuals and organizations for their involvement in a crypto-related scam. The accused individuals and companies allegedly defrauded investors of $45 million through the CoinDeal crypto project.
The SEC announced that Neil Chandran, Michael Glaspie, Garry Davidson, Linda Knott, and Amy Mossel were named as the primary defendants in the case. Additionally, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC were also named as defendants in the case.
The SEC alleges that these individuals and companies were involved in a fraudulent cryptocurrency investment scheme that defrauded investors of around $45 million over the years. The SEC further claims that the suspects used the money to purchase real estate, cars, and a yacht.
The SEC is trying to protect investors from potential losses by charging these individuals and companies with fraud and halting the ongoing crime. The SEC has also requested that the court impose a permanent injunction, return of funds, and other penalties.
In addition to the criminal charges, the SEC is also seeking financial penalties, disgorgement of ill-gotten gains, and other sanctions against the accused individuals and companies. The SEC is also seeking to bar the accused individuals and companies from participating in the securities industry in the future.
The SEC’s case against the accused individuals and companies is ongoing and no further details are yet available. However, the SEC’s enforcement action is a reminder to investors to be wary of fraudulent crypto projects and to do their due diligence before investing.