The SEC accused eight individuals and organizations of stealing $45 million from investors via their CoinDeal crypto project.
The US Securities and Exchange Commission charged Neil Chandran and seven other individuals and entities for orchestrating the fraudulent cryptocurrency investment scheme called CoinDeal.
The individuals promised to sell the blockchain-based project to a group of prominent buyers which would guarantee great returns for investors. They also deceived them about CoinDeal’s valuation and the companies involved in the potential acquisition deal. As alleged in our complaint, in reality, this was all just an elaborate scheme where the defendants enriched themselves while defrauding tens of thousands of retail investors.”
The Commission seeks to impose penalties and permanent injunctions against all defendants. At the same time, it insists that Chandran should be a subject of a conduct-based injunction.another investigation against two advisory companies and their owner – Gabriel Edelman – for running a Ponzi-like cryptocurrency scheme in September last year.
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