A Florida man was sentenced today to six years in prison for orchestrating an investment scheme that defrauded more than 10,000 victims of over $55 million.
According to court documents, Michael Glaspie, 72, of Palm City, marketed an investment opportunity under the name “CoinDeal” or “Coin Deal.” Glaspie claimed that CoinDeal would yield extremely high returns on the premise that a consortium of wealthy buyers was about to acquire one or more technology companies that Neil Suresh Chandran, 51, of Las Vegas, allegedly owned and operated under the banner of “ViRSE.” To entice investors to put money into CoinDeal, Glaspie falsely promised that in the event the returns from CoinDeal failed to materialize, he would repay investors their money with seven percent annual interest over three years. In fact, Glaspie knew he had no means of making such repayments.
According to court documents, to support his false repayment promise, Glaspie deceptively claimed that he had an exclusive and lucrative contract with AT&T to distribute government‑funded phones. He also claimed that the Better Business Bureau was distributing an app that he developed, and it would yield over $400 million in revenue. In reality, Glaspie had no such contract or distribution agreement. Furthermore, when the promised sale of Chandran’s companies did not close, Glaspie transmitted investor funds to Chandran after falsely representing to CoinDeal investors that he would not do so. Glaspie also falsely claimed that he never paid himself with CoinDeal investor funds, when in truth, he misappropriated nearly $2.5 million of victim investments for personal purposes, including trading cryptocurrency, paying his employees’ salaries, and buying a life insurance policy for a family member.
Chandran was arrested on June 29, 2022, for allegedly defrauding more than 10,000 victims of over $45 million.
Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division, U.S. Attorney Susan T. Lehr for the District of Nebraska, and Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division made the announcement.
The FBI Washington Field Office investigated the case, with assistance from the Omaha, Las Vegas, and Los Angeles Field Offices.
Assistant Chief William E. Johnston and Trial Attorney Tian Huang of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Donald J. Kleine for the District of Nebraska prosecuted the case.
All potential investor victims of this fraud are encouraged to visit the webpage www.justice.gov/criminal-vns/united-states-v-chandran to identify themselves and obtain more information on their rights, including the opportunity to submit a victim impact statement.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.