Trader Charged in Alleged Cryptocurrency Scam
Jeremy Spence, aka ‘Coin Signals,’ allegedly claimed to have made a 148% return in one month when he actually lost money.
A cryptocurrency trader accused of making false representations in connection with funds he operated has been charged with commodities fraud and wire fraud offenses. Jeremy Spence, 24, who also goes by the sobriquet “Coin Signals,” allegedly took cryptocurrency worth over $5 million from more than 170 investors.
The US Attorney’s Office for the Southern District of New York said Spence lured investors to his alleged cryptocurrency investment scam by claiming that his trading of investor funds had generated a return of more than 148% in just one month. But according to the complaint against him that was unsealed in Manhattan federal court, Spence’s trading had been “consistently unprofitable” and used new investor funds to pay back other investors the hallmark of a Ponzi scheme. The complaint alleges
Crypto Fund Manager Charged in $5M Ponzi Scheme, Facing up to 30 Years in US Prison
A cryptocurrency fund manager has been charged in a U.S. federal court. He allegedly took over $5 million from investors interested in investing in his crypto funds, promising them high returns. In reality, he was running a Ponzi scheme and is now facing up to 30 years in prison.
Crypto Fund Manager Arrested for Running a Ponzi Scheme
The U.S. Department of Justice (DOJ) announced Tuesday that Jeremy Spence has been arrested and charged in Manhattan federal court in a fraudulent cryptocurrency scheme. The 24-year-old from Bristol, Rhode Island, is also known as “Coin Signals.”