Neil Chandran and Bryan Lee Sentenced in $45 Million Mike G Deal Crypto Fraud
Neil Suresh Chandran and Bryan Lee have been sentenced for their roles in the $45 million Mike G Deal crypto investment fraud. The sentencing took place on July 9, 2026, following their guilty pleas in the high-profile financial scam.
Chandran received a prison sentence of 136 months, which equals more than 11 years. Bryan Lee was sentenced to 36 months, or three years, in federal prison.
Millions in Forfeiture and Restitution Ordered
The court also imposed significant financial penalties on both defendants.
Chandran was ordered to forfeit approximately $34.8 million, while Lee must forfeit nearly $4.1 million. In addition, both men are jointly responsible for paying $21.7 million in restitution to victims.
After completing their prison terms, Chandran and Lee will each serve three years of supervised release.
Mike G Deal Raised $45 Million Through Fake Crypto Projects
The Mike G Deal scheme convinced investors to put around $45 million into fraudulent cryptocurrency projects linked to the fictional CoinDeal platform.
Michael Glaspie, widely known as Mike G, promoted the investment opportunity and repeatedly assured investors that major payouts were coming. Authorities said those promises never materialized.
Meanwhile, Chandran and Lee worked behind the scenes. Prosecutors stated that they helped create misleading narratives and participated in laundering investor funds.
Defendants Pleaded Guilty to Fraud Charges
After their arrests, both defendants admitted their involvement in the fraud.
In April 2026, Neil Chandran pleaded guilty to mail fraud. Bryan Lee pleaded guilty to conspiracy to commit mail fraud and wire fraud.
Michael Glaspie pleaded guilty to wire fraud in early 2023. He was later sentenced to six years in prison. Glaspie is currently 75 years old.
SEC Civil Case Remains on Hold
Alongside the criminal prosecution, the U.S. Securities and Exchange Commission (SEC) filed civil fraud charges related to the Mike G Deal scheme in 2023.
The SEC case was paused in June 2024 while the criminal proceedings continued. Now that Chandran and Lee have been sentenced, the civil case is expected to move forward once the stay is lifted.
Conclusion
The sentencing of Neil Chandran and Bryan Lee marks another major development in the Mike G Deal crypto fraud case. Federal authorities continue efforts to recover funds for victims and pursue accountability for those involved in the $45 million investment scheme.
