Michael Glaspie pleads guilty to “Mike G Deal” criminal charge
Michael Glaspie, a serial promoter of fraudulent MLM schemes, has pled guilty to wire fraud.
Glaspie’s criminal case stems from his promotion of the “Mike G Deal”, which the DOJ confirmed was a $55 million “investment fraud scheme”.
At time of publication Glaspie’s criminal case has yet to appear on PACER. Nonetheless details of Glaspie’s case and guilty plea are detailed in a February 23rd DOJ press-release;
According to court documents, Michael Glaspie, 72, of Palm City, marketed an investment opportunity under the name “CoinDeal” or “Coin Deal.”
As with parallel SEC proceedings, US regulators refer to what we know as the “Mike G Deal” as “CoinDeal”.
Glaspie claimed that CoinDeal would yield extremely high returns on the premise that one or more technology companies – operated under the banner of “ViRSE” and allegedly owned by Neil Suresh Chandran – was about to be acquired by a consortium of wealthy buyers.
To entice investors to put money into CoinDeal, Glaspie falsely promised that in the event the returns from CoinDeal failed to materialize, he would repay investors their money with seven percent annual interest over three years.
In fact, Glaspie knew he had no means of making such repayments.
Simply put, the Mike G Deal was a Ponzi scheme that only ever paid out those running the scheme.
Glaspie’s cited accomplice, Neil Chandran (right), has also been sued by the SEC.
Separately, Chandran was indicted on June 14th, 2022. As of February 2023, Chandran’s criminal case is playing out.
To support his false repayment promise, Glaspie deceptively claimed that he had an exclusive and lucrative contract with AT&T to distribute government‑funded phones, and that an app that he developed was being distributed by the Better Business Bureau and would yield over $400 million in revenue, when he had no such contract or distribution agreement.
Furthermore, when the promised sale of CoinDeal did not close, Glaspie transmitted investor funds to Chandran after falsely representing to CoinDeal investors that he would not do so.
Glaspie also falsely claimed that he never paid himself with CoinDeal investor funds, when in truth, he misappropriated nearly $2.5 million of victim investments for personal purposes, including trading cryptocurrency, paying his employees’ salaries, and buying a life insurance policy for a family member.
For his role in perpetuating the Mike G Deal, Glaspie has pled guilty to one count of wire fraud.
Speaking on Glaspie’s guilty plea, US authorities had this to say;
“Michael Glaspie admitted today to his involvement in a widespread scheme to defraud investors for his personal benefit,” said U.S. Attorney Steven A. Russell for the District of Nebraska.
“This elaborate investment fraud scheme defrauded more than 10,000 victims of over $55 million,” said Assistant Director in Charge David Sundberg of the FBI Washington Field Office.
“Investment fraud schemes of any type will not be tolerated. The FBI will continue to do what we have done for over 100 years and investigate those who attempt to defraud unsuspecting Americans of their hard-earned money.
While the Mike G Deal itself wasn’t an MLM opportunity, BehindMLM has documented Glaspie’s MLM exploits over the years.
These include Icanget2, The ICANetwork and funnelling Mike G Deal investors into the Win on Wealth MLM Ponzi scheme.
Glaspie, 72, faces up to 20 years in prison. Sentencing has been scheduled for June 16th, 2023.
Update 17th June 2023 – Glaspie’s sentencing was rescheduled to August 1st on May 22nd. The hold up appears to be multiple presentencing reports filed by the Probation Office.
These reports aren’t public so I can’t speak as to why there are multiple reports.
Update 22nd July 2023 – Whatever the hold up was it appears to have been resolved.
Michael Glaspie is now scheduled to be sentenced on October 2nd, 2023.
Update 24th September 2023 – The DOJ has requested Michael Glaspie be sentenced to 46 to 57 months in prison.
Update 3rd October 2023 – Michael Glaspie has been sentenced to six years in prison.
That Neil Chandran looks like Gonk from Arbitraging.co
Has the court been advised that Glaspie named Elon Musk and other billionaires names as participants in the MikeG Deal in his emails to us, the member investors,. we were sent daily”updates” over the year we were promised a handsome return..
Because of these billionaires investment and support of his “MikeG” deal,,,, seems to me he is guilty of the unauthorized use of a person’s name as an endorsement, for financial gain.
Glaspie pled guilty. It’s not like name-dropping Musk makes conspiracy to commit wire fraud any worse.
If what stated there is true I need him to refund me my $5,000 I had trusted him in invested in his Mike G deal.
Michael Glaspie won’t be refunding anyone. It’s out of his hands now.
Keep me updated.
Another person, that was collecting funds for Mike G from the investors is Penny L. Harder at least that’s her facebook cover….
I remember hearing about Michael Glaspie in the 1990’s and the picture image used in this article was identical to the one he used back then.
Amazing he’s still around…
I think he and Chandran will have to pay restitution to the victims (myself included). I’m definitely submitting a D.O.J. fraud claim.
So glad that I have my receipts and records from every transaction. Not saying I’ll get anything back, but it’s worth a try.
I invested in the Mike G deal, but also in the Recent “arbitrage” deal!
how do u file a DOJ file claim
@patrick
Details are provided on the linked DOJ press-release page.
I can’t wait for this criminal to start serving his 20 year sentence and I hope they force him to do hard labor every day of his miserable existance.
I kept telling the person who introduced me this MikeGDeal that this man MikeG, was the worst fraud artist that ever walked on God’s great kingdom.
He updated every week with a bunch of quotes and offerings of other companies, which required more investing. He introduced one company where he was in need of helpers and I applied and never received anything.
Mike G was about hustling his captive audience out of additional funds.He was always angry when people who had invested money, called him a big liar and that he wasn’t telling the truth, when he that they were on to him and his schemes and lies.
People were uninterested in his updates, since they never mentioned when we would be paid.
I hope he is in custody now otherwise mike g could be a flight risk. also I stopped reading his BS updates about 6 months ago.
How do you contact DOJ to report how much you “invested”?
See #12.
I invested in this deal and my 2 daughters as well!
I DEFINITELY want to know how we can file our claim for whatever it’s WORTH!
There isn’t anywhere to file a claim.
Invested $500 and got no return.
I invested $1000 and received no return.
I invested 1K.
I invested over 2k. Please notify me how to make a victims claim.
I hope some of his cell mates were also his victims, then they could arrange for his demise to look like an accident.
I also heard he ripped off some of the Hells Angels I am sure they would want to settle the score too.
Bryan Lee charged in ViRSE scheme.
news3lv.com/news/local/las-vegas-man-charged-with-being-part-of-45-million-investment-fraud-scheme-us-attorney-washington-bryan-lee-federal-court-crime-cryptocurrency-metaverse
Thanks. Saw this on the news feed but ran out of time today.
Slightly confused about this “ViRSE”.
First time I’m hearing it. Assuming it’s another name for what we know as the Mike G Deal unless it’s something else they were up to?
I want to know what happing with Mike G deal?
The guys running it have been arrested and will likely be sentenced to prison as their cases play out.
The Mike G Deal is over.
Article updated with new Mike G sentencing date.
Lost 30K w/ the Mike G Deal and 30Kw/ his Zabang creation.
He was a Master B.S. Magician. The last 8 years have been hellacious!!!
Google Neil Chandran and keep reading. You’ll find a Victim Impact Statement.
Print it and fill out the forms and mail it with your receipts to the address they provide.
I became a “lending partner” in February 2019. I kept sending him funds even when I thought the pandemic might impact the sale.
The payoff was so much and the closing was always imminent. I was the fool when I sent more than I could afford to lose.
We heard the name Neil early on but we didn’t hear Neil’s last name until near the end. Those scammers were so convincing. So shrewd.
Is it too late to file for reimbursement compensation??
The DOJ are running Glaspie’s criminal case. They can be contacted via their website.
justice.gov/criminal-vns/case/united-states-v-neil-chandran-united-states-v-michael-glaspie-united-states-v