The US financial markets regulator Securities and Exchange Commission (SEC) has charged the creator of CoinDeal Crypto Scheme, and seven others for their involvement in a fraudulent investment scheme, where they raised more than USD 45 million from sales of unregistered securities to tens of thousands of investors. According to the regulator’s complaint filed in the US District Court for the Eastern District of Michigan, the involved individuals or entities — Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC — falsely claimed that investors could generate "extravagant returns" by investing in a blockchain technology called CoinDeal that would be sold for trillions of dollars to a group of prominent and wealthy buyers.
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