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.