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SEC Charges Eight for $45 Million CoinDeal Blockchain Fraud Scheme

The U.S. Securities and Exchange Commission has charged eight individuals and businesses for the alleged sale of unregistered securities via the blockchain tech firm CoinDeal. 

The accused are Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott, AEO Publishing Inc, Banner Co-Op, Inc and BannersGo, LLC, according to an SEC release.

Chandran, Davidson, Glaspie, Knott and Mossel allegedly claimed that CoinDeal would be sold for trillions of dollars, despite no acquisition ever being made or funds allocated to investors. Chandran also allegedly used millions of dollars in investor funds for buying a boat, real estate, cars, and other personal uses. 

The SEC filed the complaint in the U.S. District Court for the Eastern District of Michigan.

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