Michael Glaspie, a serial promoter of fraudulent MLM schemes, has pled responsible to wire fraud.
Glaspie’s felony case stems from his promotion of the “Mike G Deal”, which the DOJ confirmed was a $55 million “funding fraud scheme”.
At time of publication Glaspie’s felony case has but to look on PACER. Nonetheless particulars of Glaspie’s case and responsible plea are detailed in a February twenty third DOJ press-release;
In accordance with courtroom paperwork, Michael Glaspie, 72, of Palm Metropolis, marketed an funding alternative underneath the title “CoinDeal” or “Coin Deal.”
As with parallel SEC proceedings, US regulators confer with what we all know because the “Mike G Deal” as “CoinDeal”.
Glaspie claimed that CoinDeal would yield extraordinarily excessive returns on the premise that a number of expertise firms – operated underneath the banner of “ViRSE” and allegedly owned by Neil Suresh Chandran – was about to be acquired by a consortium of rich patrons.
To entice traders to place cash into CoinDeal, Glaspie falsely promised that within the occasion the returns from CoinDeal did not materialize, he would repay traders their cash with seven p.c annual curiosity over three years.
In actual fact, Glaspie knew he had no means of creating such repayments.
Merely put, the Mike G Deal was a Ponzi scheme that solely ever paid out these working the scheme.
Glaspie’s cited confederate, Neil Chandran (proper), has additionally been sued by the SEC.
Individually, Chandran was indicted on June 14th, 2022. As of February 2023, Chandran’s felony case is taking part in out.
To help his false compensation promise, Glaspie deceptively claimed that he had an unique and profitable contract with AT&T to distribute authorities‑funded telephones, and that an app that he developed was being distributed by the Higher Enterprise Bureau and would yield over $400 million in income, when he had no such contract or distribution settlement.
Moreover, when the promised sale of CoinDeal didn’t shut, Glaspie transmitted investor funds to Chandran after falsely representing to CoinDeal traders that he wouldn’t accomplish that.
Glaspie additionally falsely claimed that he by no means paid himself with CoinDeal investor funds, when in reality, he misappropriated practically $2.5 million of sufferer investments for private functions, together with buying and selling cryptocurrency, paying his workers’ salaries, and shopping for a life insurance coverage coverage for a member of the family.
For his position in perpetuating the Mike G Deal, Glaspie has pled responsible to at least one depend of wire fraud.
Talking on Glaspie’s responsible plea, US authorities had this to say;
“Michael Glaspie admitted right now to his involvement in a widespread scheme to defraud traders for his private profit,” stated U.S. Lawyer Steven A. Russell for the District of Nebraska.
“This elaborate funding fraud scheme defrauded greater than 10,000 victims of over $55 million,” stated Assistant Director in Cost David Sundberg of the FBI Washington Discipline Workplace.
“Funding fraud schemes of any sort won’t be tolerated. The FBI will proceed to do what we’ve performed for over 100 years and examine those that try to defraud unsuspecting People of their hard-earned cash.
Whereas the Mike G Deal itself wasn’t an MLM alternative, BehindMLM has documented Glaspie’s MLM exploits through the years.
These embrace Icanget2, The ICANetwork and funnelling Mike G Deal traders into the Win on Wealth MLM Ponzi scheme.
Glaspie, 72, faces as much as 20 years in jail. Sentencing has been scheduled for June sixteenth, 2023.