• The US Securities and Exchange Commission (SEC) has charged eight individuals and organizations with stealing $45 million from investors via their CoinDeal cryptocurrency project.
• The defendants include Neil Chandran, Michael Glaspie, Garry Davidson, Linda Knott, Amy Mossel, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC.
• The SEC alleges that the suspects fraudulently obtained money from investors and used it to purchase real estate, cars, and a boat.

The US Securities and Exchange Commission (SEC) recently took action against eight individuals and entities accused of perpetrating a crypto fraud that has cost investors over $45 million. The SEC alleges that Neil Chandran, Michael Glaspie, Garry Davidson, Linda Knott, Amy Mossel, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC were involved in a scam called CoinDeal, a fraudulent cryptocurrency investment program.

The SEC alleges that the defendants used CoinDeal to solicit investments from consumers and then used those funds for their personal gain, such as purchasing real estate, cars, and a boat. The SEC also claims that the defendants made false representations about the safety of the investments and the potential profits that could be earned. The SEC also alleges that the defendants have been operating CoinDeal since 2018 and have been able to steal over $45 million from investors.

The SEC is seeking to halt the fraud and has also requested a permanent injunction against the defendants, as well as civil penalties, disgorgement of ill-gotten gains, and other relief. The SEC is also asking the court to impose a freeze on the assets of the defendants so that investors can be compensated for their losses.

This is not the first time the SEC has taken action against fraudulent cryptocurrency schemes. In recent years, the SEC has gone after a number of operations that have been accused of defrauding investors. This includes the now infamous case of BitConnect, a Ponzi scheme that cost investors millions. The SEC has also gone after a number of initial coin offerings (ICOs) that have been found to be fraudulent.

The SEC’s move to hold the defendants in the CoinDeal case accountable is a strong signal to would-be crypto fraudsters that the agency is serious about cracking down on such fraudulent schemes. The SEC is committed to protecting investors and will continue to take action against those who seek to take advantage of unsuspecting consumers.