SEC Throws Book at Chandran and Friends in $45M Blockchain Mess 🚨

The SEC just hit Neil Chandran and his four buddies with new charges. Something about a blockchain scam. They took investors for over $45 million 💸

Court papers show Chandran's legal headaches are piling up. His trial got pushed to May 22, 2025, in Nebraska federal court. He apparently convinced thousands of people worldwide they'd get insane returns. Like 500,000 times their money! Seems a bit excessive, doesn't it? 📈

Daniel Gregus from the SEC's Chicago office put it plainly: "We allege the defendants falsely claimed access to valuable blockchain technology and that the imminent sale of the technology would generate investment returns of more than 500,000 times for investors."

The gang included Garry Davidson, Michael Glaspie, Amy Mossel, and Linda Knott. They didn't deliver. Not even close. Instead, they spent the cash on themselves. Fancy stuff 🏎️ 💎

They bought real estate. Luxury cars. Even a boat! Kind of surprising how brazen it all was. Some money went into Chandran's other businesses too - AEO Publishing, Banner Co-Op, and BannersGo 🏢

This isn't new territory for Chandran. The 50-year-old already pled guilty to securities fraud before. Got in trouble with Canadian securities folks too, for trading without proper registration 📝

They called their scheme "CoinDeal." Told investors they had inside info about some huge technology sale. The SEC is now scrambling to get back whatever assets remain. They'll probably slap fines on everyone involved 🔍

Chandran sits in USP Leavenworth these days. Got arrested and fined $400K for investment fraud. His problems keep multiplying as authorities pick apart his tangled business dealings. Not entirely clear how deep this rabbit hole goes 🕸️ 🔒