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Las Vegas resident charged in $45 million metaverse scam that touted trillion-dollar returns

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Las Vegas resident charged in $45 million metaverse scam that touted trillion-dollar returns


Federal prosecutors alleged Friday that a Nevada man helped defraud 10,000 investors out of more than $45 million by touting a fake metaverse project with its own crypto token that would one day be sold for trillions of dollars.

Bryan Lee, a 57 year-old Las Vegas resident, was named in a superseding indictment over his involvement in an alleged investment fraud scheme called CoinDeal. Lee was charged with conspiracy, mail fraud, wire fraud and criminal monetary transactions. Indictments in the broader case date back to June of last year.

Lee worked alongside three other individuals to convince investors that CoinDeal was a legitimate family of businesses working towards developing virtual reality products, federal prosecutors alleged. Lee and his co-conspirators also said they were in talks with a potential “consortium of wealthy buyers,” according to the indictment.

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CoinDeal’s promoters told investors that the funds were needed to pay for operating expenses until the sale was realized, with Lee and his co-conspirators promising significant returns. In reality, the alleged fraudsters spent lavishly on luxury cars and real estate, prosecutors said.

The superseding indictment says the conspirators falsely advertised the names of two billionaires as being part of the potential buying group. Billionaire-1 is described as the founder and executive chairman of an “online retailing company,” and Billionaire-2 as the founder and CEO of an “electric car company.”

While no names were attached in the indictment, those two descriptions match the characteristics of Amazon founder Jeff Bezos and Tesla CEO Elon Musk (though he’s not actually a founder), two of the wealthiest people in the world.

Lee worked at the direction of Neil Chandran, who “held himself out as the owner” of the conglomerate, and alongside Michael Glaspie, a Florida man who helped collect investor funds, prosecutors said.

Lee was not named in a January Securities and Exchange Commission complaint. But Chandran and Glaspie were charged alongside five others for their roles in the CoinDeal investment scheme with the unregistered offer and sale of securities.

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Prosecutors have also charged another unnamed co-conspirator, “Individual-1,” for allegedly raising and laundering money for Chandran. The SEC charged a Nevada man, Garry Davidson, who matches the description of Individual-1.

Chandran was arrested and charged in June 2022, while Glaspie pleaded guilty to wire fraud in February.

Chandran is described as a “recidivist securities law violator and convicted felon” in the SEC complaint. He and his backers “targeted mostly unsophisticated investors,” claiming that his technology would be sold for “trillions of dollars” to the fake billionaire-backed consortium, the SEC alleged.

WATCH: A deep dive into Solidus Labs’ 2022 rug pull report



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Red Cross of Southern Nevada assists 132 residents affected by home fires in April

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Red Cross of Southern Nevada assists 132 residents affected by home fires in April


Southern Nevada volunteers were called out to 32 home fires in April, assisting 132 people with their immediate needs, including making sure they had a safe place to stay, according to the American Red Cross.

Staff and volunteers responded to home fires in areas across Southern Nevada, including Las Vegas, North Las Vegas, Henderson, Pahrump and Indian Springs.

“This past month illustrates how important Red Cross volunteers are to our community,” said Rachel Flanigan, Executive Director of the American Red Cross Southern Nevada Chapter. “They provide immediate compassion and care when displaced residents need it most.”

The American Red Cross said home fires are the nation’s most frequent disaster and can leave a family devastated and in need of urgent assistance.

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READ MORE NEWS 3 |Southern Nevada Red Cross volunteers deploy to Texas to help with flood relief

Residents interested in fire prevention assistance can schedule an appointment for free smoke alarm installation at SoundTheAlarm.org/Nevada.

During the home visit, Red Cross volunteers and community partners will share information on home fires, fire prevention strategies, actions to take during a fire, and guidance on creating evacuation plans for all occupants, including pets.

“Most people don’t realize that they only have about two minutes to escape a home fire and that smoke alarms need replacing every 10 years,” Flanigan said. “Arming yourself with this knowledge can mean the difference between survival and tragedy.”

Last year, American Red Cross volunteers responded to more than 300 Southern Nevada home fires, aiding over 1,200 people.

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Volunteers are always needed to help install smoke alarms and share fire safety information with families. No prior experience is required, and training is provided; those interested can register at SoundTheAlarm.org/Nevada.



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Residents of eastern Nevada urged to prepare for wildfire season

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Residents of eastern Nevada urged to prepare for wildfire season


ELY – A Bureau of Land Management fire official Wednesday advised eastern Nevada residents to prepare their home and property for the advent of wildfire season.

BLM Ely District Fire Management Officer Tye Petersen said the time to prepare is now and offered a few simple tips to reduce homeowners’ fire risk, including clearing dense brush “to up to 30 feet from around the house and removing all dead vegetation. I also recommend trimming all lower branches on trees growing adjacent to the home to prevent fire from ‘laddering’ to the roof. Trim overhanging branches too and clean the gutters,” said Petersen.

Petersen likewise suggested installing spark arresters on all small engines and equipment and keeping flammable materials away from the house and garage and fire tools within easy reach.

Check this newspaper’s classified section each week for more helpful tips on home protection, as well as responsible outdoor recreation.

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Equities Analysts Issue Forecasts for Nevada King Gold Corp.’s FY2024 Earnings (CVE:NKG)

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Equities Analysts Issue Forecasts for Nevada King Gold Corp.’s FY2024 Earnings (CVE:NKG)



Nevada King Gold Corp. (CVE:NKG – Free Report) – Equities researchers at Desjardins issued their FY2024 earnings estimates for Nevada King Gold in a research note issued to investors on Tuesday, April 30th. Desjardins analyst J. Sclodnick anticipates that the company will earn ($0.07) per share for the year. Desjardins currently has a “Buy” rating and a $1.00 target price on the stock. Desjardins also issued estimates for Nevada King Gold’s FY2025 earnings at ($0.03) EPS and FY2026 earnings at ($0.03) EPS.

Nevada King Gold Trading Down 7.4 %

Shares of NKG opened at C$0.32 on Friday. The firm has a fifty day simple moving average of C$0.38 and a 200 day simple moving average of C$0.39. The stock has a market capitalization of C$108.20 million, a price-to-earnings ratio of -1.66 and a beta of 1.40. Nevada King Gold has a 12 month low of C$0.28 and a 12 month high of C$0.50.

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Nevada King Gold (CVE:NKG – Get Free Report) last posted its earnings results on Wednesday, February 28th. The company reported C($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C($0.01) by C($0.01).

About Nevada King Gold

(Get Free Report)

Nevada King Gold Corp. engages in the acquisition, exploration, and evaluation of resource properties in Nevada, the United States. The company explores for gold, silver, iron ore, vanadium, and other base metals. The company was formerly known as Victory Metals Inc and changed its name to Nevada King Gold Corp in April 2021.

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