Jeremy Spence, better known as 'Coin Signals,' must pay around $2.8 million to people he conned in his crypto scheme.
Jeremy Spence, better known as “Coin Signals,” must pay around $2.8 million to people he conned in his crypto scheme.
The US Department of Justice sentenced the criminal to 42 months in prison in May for running a scheme that defrauded investors with more than $5 million.that the US District Court for the Southern District of New York entered a consent order for a “permanent injunction, restitution, and equitable relief” against Jeremy Spence. The man, popular in the community as “Coin Signals,” operated a crypto Ponzi scheme and drained over $5 million worth of digital assets from conned investors.
The CFTC reminded that Spence ran his scam between December 2017 and April 2019. He lured approximately 175 people and siphoned huge amounts of bitcoin and ether .The investigation determined that the American issued false performance statements, misrepresented his operations, and lied about his entity’s liquidity to gain the users’ trust. “Space eventually admitted to customers that he had engaged in lies and deceit,” the court stated.
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