SEC & DOJ is a Fraud – Review

The “Mike G Deal” has been taken down by the US government.

The DOJ and SEC say that fraud cost $45 million, and Neil Suresh Chandran, the man in charge, has been arrested.

On January 4, the SEC filed a complaint against Chandran, Garry Davidson, Michael Glaspie, Linda Knott, Amy Mossel (Glasspie’s wife), Banner Co-Op Inc., BannersGo LLC, and AEO Publishing Inc.

Before the SEC sued Mike G. Deal in federal court, the states of Michigan and Alabama told him to stop.

Because of these actions, Glaspie and Knott had to pay fines of $15,000 and $10,000, respectively.

If you don’t know about the Mike G Deal, the basic idea is that victims are kept waiting by making promises and missing deadlines over and over again.

The promises and deadlines are about a deal that never happens, of course.

Even though the deal and the fake story around it change, the way it works stays the same: investors are lured in with the promise of “getting in early” to make money before the deal is done.

Most of the time, Michael Glaspie (right) was the deal’s face and voice. The scam became known as the “Mike G Deal” because of this.

Even though the Mike G Deal isn’t MLM in and of itself, Glaspie has used it to lure people into MLM schemes.

Because Glaspie has ties to MLM, I’ve decided to cover the SEC’s and DOJ’s enforcement actions against Mike G Deal.

BehindMLM first heard of Glaspie through Icanget2 in 2016. In 2017, this turned into The ICANetwork.

In June 2022, we ran into Glaspie again. He was putting people who had bought the Mike G Deal into the Win on Wealth Ponzi scheme.

The version of Mike G Deal that the SEC chose is called “CoinDeal.”

Chandran, who had broken securities laws before and was a convicted felon, said he owned a unique blockchain technology that was about to be sold to a group of well-known billionaires for trillions of dollars (“CoinDeal”).

Chandran also said that his business needed temporary financial help until the sale closed. Together with and through other named Defendants, Chandran targeted mostly unsophisticated investors with false and misleading promises and representations that investments in CoinDeal would soon yield very high returns from the sale of his business.

Chandran usually gave updates on the supposed deal, including but not limited to: the role of foreign central banks and the US Department of Homeland Security; the latest board meetings of the consortium of wealthy buyers; the role of certain political figures; and the reasons for “temporary” delays in the sale closing.

These updates were made to make investors feel safe and encourage them to keep putting money into CoinDeal.

The SEC says that Chandran (on the right) “encouraged” investors to join the deal.

This started in 2018 with Davidson, who was Chandran’s victim at the time. Davidson then hired Glaspie.

Glaspie, an online promoter, got tens of thousands of investors in many states and countries to give CoinDeal a lot of money.

As part of his marketing campaign, Glaspie spread false information about CoinDeal that he got from Chandran through Davidson. This included information about the supposed value and timeline of the sale transaction, as well as the supposed involvement of well-known business people, financial institutions, and government departments or agencies.

Glaspie gave investors this kind of false information almost every day through written updates and weekly teleconferences, which Davidson sometimes joined.

Around January 2019, Glaspie started holding weekly teleconferences to talk about the CoinDeal opportunity. More than 100,000 people from his network of contacts were invited to these teleconferences.

Glaspie said that an unnamed Canadian resident was getting ready to sell his or her very valuable (but anonymous) artificial intelligence and cryptocurrency company to a group of billionaire buyers.

Glaspie also said that Canadian couldn’t get traditional financing because of legal problems in the past.

Glaspie didn’t say that this unnamed person was Chandran, nor did he say that this person had been in trouble with the law in the United States.

Glaspie also lied and did other illegal things. For example, he made and publicized astronomical payout scales that ranged from multi-million dollar returns for investments of $1,000 or less to returns of more than $50 billion for investments of $100,000. He also offered referral bonuses to get investors to get other people to join CoinDeal. Finally, he promised to refund investors with 7% interest if CoinDeal didn’t work out.

The truth is;

CoinDeal was just the latest in a long line of scams that Chandran had run in the past.

There was no such buyer group, there was no sale coming up, and Chandran couldn’t make the huge profits he promised.

CoinDeal… never existed, so the deal was never meant to end.

Here are some of the reasons people have used over the years to invest in Mike G Deal;

On February 22, Glaspie said in an online post that CoinDeal’s closing was delayed because a vendor company had filed for bankruptcy. This was not true.

Glaspie made a false claim in an online post on April 16, 2019, that the closing of CoinDeal had been delayed because a South Korean bank involved in the deal needed signatures to be made in Hawaii.

On May 7, Glaspie posted online that CoinDeal’s closing was delayed because an engineer who knew how the company worked was sick. This was not true.

Glaspie made a false claim in an online post on July 24, 2019, that the closing was delayed because a vendor had trouble getting the right number of smartphones.

And it went on and on…

As time went on, some Mike G Deal investors began to look into Glaspie and the deal on their own.

This made it public that Chandran was behind the deal, which Glaspie denied even though he knew it was true.

On or around August 19, 2021, a potential CoinDeal investor sent Glaspie a link to information about Chandran’s criminal charges from 2018 and asked him to “confirm that Neil Chandran is NOT the seller of this transaction.”

In response, Glaspie denied that Chandran was involved, told the person to stop “spreading rumors,” and added, “Please make this the last email on this topic, as I just don’t have time for this distracting email.”

On or around September 3, 2021, Glaspie told a potential investor that Chandran had nothing to do with CoinDeal.

This time, the worried person told Glaspie, “I’ve been doing some research on the Internet. Some people say that Neil, the owner, is Neil Chandran, who was convicted of fraud. Tell me that’s not true, please.”

The person also said that when they looked up Chandran’s name on the internet, they found “red flags.”

In response, Glaspie said, “I don’t know where these rumors come from. The owner is NOT the man you think he is.”

All told, the people who ran the Mike G Deal scam made $45 million. The money was “washed” through shell companies and then used “for personal use.”

Neil Chandran misappropriated $37 million. Chandran used the money to buy “a fleet of luxury cars, a boat, and several pieces of real estate in California and Nevada.”
Michael Glaspie misappropriated $5.9 million. Glaspie used the money to buy insurance policies for himself and his wife, Amy Mossel. He also “transferred millions to his associates to pay salaries and for other business ventures.”
Garry Davidson took $3 million without permission. Davidson bought a “mobile home” with the money and used investor money for his living costs.
Linda Knott (on the right) was a promoter for the Mike G Deal and oversaw a group of 10,000 investors. Knott stole at least $749,000. She spent the money on “personal use and things that had nothing to do with CoinDeal.”

Most CoinDeal investors haven’t gotten back any of the money they put in, and no one has gotten any of the promised profits from their investments.

Chandran, Glaspie, and Mossel refused to talk to the SEC during their investigation. They did this by using their Fifth Amendment right not to testify against themselves.

This brings us to the fact that Chandran will be charged on June 14, 2022, by a Grand Jury in Nebraska.

After he was charged, Chandran was taken into custody in California on June 14.

Chandran is being accused of:

Chandran was charged with three counts of wire fraud and two counts of making money transactions with property from certain illegal activities. On August 15, he pleaded not guilty to the charges. Chandran was ordered to stay in jail until his trial on September 14 because he was thought to be likely to run away.

The indictment against Chandran listed “100 different assets,” such as bank accounts, real estate, and luxury cars, such as 39 Teslas that were in the process of being seized as of June 2022.

If Chandran, 51, is found guilty on all five counts, he could spend up to 80 years in prison.

The criminal case against Chandran is still going on, and a Status Conference is set for March 2, 2023.

“Individual 1” and “Individual 2” are the names of Glaspie and Davidson in Chandran’s indictment. It is still not clear if Glaspie and Davidson have any pending criminal charges.

To get back to the SEC’s civil case, The Mike G Deal is a securities offering because it is a passive way to invest.

The SEC says that;

The investments in CoinDeal that the Defendants sold and offered for sale were securities.

No registration statement has ever been filed with the SEC, and no registration statement has ever been in effect for any offer or sale of CoinDeal investments.

Chandran, Davidson, Glaspie, Knott, Banner Co-Op, and BannersGo offered and sold unregistered securities because of what they did. They did this on purpose, by accident, or without thinking.

Seven counts have been filed against the Mike G Deal defendants for breaking the Securities and Exchange Act.

The SEC also wants the money to be paid back, as well as civil penalties, bars on officers and directors, permanent injunctions, and injunctions based on behavior.

The criminal case against Chandran and the SEC’s case against Mike G Deal is now on BehindMLM’s case calendar. We’ll let you know how both cases are going.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *