Coin Signals Crypto Trader Gets 42 Months In The Slammer For Defrauding Investors crowdfundinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crowdfundinsider.com Daily Mail and Mail on Sunday newspapers.
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