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- The US SEC has indicted the team behind Coindeal.
- The SEC also indicted AEO Publishing Inc., Banner Co-Op Inc., and Bannersgo LLC.
The US Securities and Exchange Commission (SEC) has indicted the team behind Coindeal. Coindeal turned out to be a $45 million fraudulent crypto investment scheme.
According to the regulator, the defendants falsely claimed that Coindeal would give investors more than 500,000 times their investment return.
The SEC has indicted the creators of crypto investment scheme Coindeal and seven others in connection with the $45 million fraud. Coindeal raised over $45 million by selling unregistered securities to tens of thousands of investors worldwide.
Coindeal creators and promoters falsely claimed that investors could generate exorbitant profits by investing in the eponymous blockchain technology, according to the SEC.
According to the SEC, no Coindeal was sold and no distributions were made to investors. According to the SEC, the defendants collectively diverted millions of dollars of investor money for personal uses, one of which he used investor money to purchase a car, property, and a boat.
The SEC also indicted AEO Publishing Inc., Banner Co-Op Inc., and Bannersgo LLC for engaging in a fraudulent crypto investment scheme.
Investors Promise More Than 500,000 Times Investment Return
In this regard, Daniel Gregas, Director of the SEC’s Chicago Regional Office, said:
“Defendants falsely claim access to valuable blockchain technology and allege that the imminent sale of the technology will provide investors with an investment return of more than 500,000 times … as alleged in our complaint. In fact, this was all an elaborate scheme in which the defendants enriched themselves while defrauding tens of thousands of private investors.”
The U.S. Department of Justice (DOJ) had already indicted one of the defendants in June 2022 with three counts of wire fraud and two counts of illegal financial transactions for his involvement in the Coindeal crypto-fraud scheme.
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