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Las Vegas Man Bryan Lee Charged in $45 Million CoinDeal Investment Fraud Scheme

Bryan Lee, a 57-year-old resident of Las Vegas, is facing charges for his alleged involvement in an elaborate investment fraud scheme known as CoinDeal. The scheme targeted more than 10,000 victims, resulting in staggering losses exceeding $45 million. Lee is scheduled to make his initial appearance in federal court today in Las Vegas, where he will face these serious charges.

Court documents reveal that Lee is accused of collaborating with Neil Chandran and other individuals to defraud investors in companies under Chandran’s control. These companies, operating under the name “ViRSE,” included Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., and Skalex USA Inc., among others.

Supposedly, these companies were developing virtual-world technologies and their own cryptocurrency for use in a metaverse. Chandran allegedly misled investors by making false promises of exceptionally high returns, claiming that his companies were on the verge of being acquired by a group of affluent buyers.

Lee, acting as the nominee owner and director of ViMarket, allegedly followed Chandran’s directives on how to distribute investor funds into ViMarket’s bank accounts. Both Lee and Chandran are accused of misappropriating millions of dollars from investors and diverting the funds towards luxurious cars and real estate.

Lee has been indicted on multiple charges, including conspiracy, mail fraud, wire fraud, and engaging in monetary transactions with criminally derived property. If convicted, he could face a maximum of 20 years in prison for each count of wire fraud, mail fraud, and conspiracy, and up to 10 years for each count of engaging in unlawful monetary transactions.

Neil Chandran, a central figure in the scheme, was arrested in June 2022 and is facing charges related to his involvement. Additionally, Michael Glaspie, who played a fraudulent role in marketing the investment under the name “CoinDeal” with Chandran’s companies, pleaded guilty to one count of wire fraud in February 2023. Glaspie is scheduled to be sentenced on June 16.

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