US SEC Files accusations against Coindeal executives in Crypto scam
The regulator claims that no Coindeal transactions took place.
The SEC said the defendants together stole millions of dollars of investors' money.
On Wednesday, the U.S. Securities and Exchange Commission (SEC) said it had filed charges against the eight people involved in the $45 million coin deal scam of the Ponzi cryptocurrency. The Securities Commission has described Coindeal as a flagrant and unregistered scam carried out between 2018 and 2022.
Sec stated that Coindeal creator Neil Chandran and promoters Garry Davidson, Michael Glaspie, Amy Mossel, and Linda Knott “falsely claim that investors can generate exorbitant returns.” By investing in a blockchain technology called Coindeal. It will be sold for trillions of dollars to a group of high-profile wealthy buyers.”
No transaction has ever taken place
While dividends have been promised to investors, the regulator claims that no Coindeal transaction has ever occurred. Moreover, the SEC said the defendants stole millions of dollars from investors' funds for personal use. And that one of the plaintiffs, Chandran, used customers' money to buy cars, real estate, and a boat.
We claim that the defendants falsely claimed access to valuable blockchain technology and that the imminent sale of the technology will generate returns on investment of more than 500,000 times
