{"id":14899,"date":"2021-12-02T04:54:14","date_gmt":"2021-12-02T04:54:14","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/founder-of-coin-signals-funds-pleads-guilty-in-crypto-scam-faces-up-to-10-years-in-prison\/"},"modified":"2021-12-02T04:54:14","modified_gmt":"2021-12-02T04:54:14","slug":"founder-of-coin-signals-funds-pleads-guilty-in-crypto-scam-faces-up-to-10-years-in-prison","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/founder-of-coin-signals-funds-pleads-guilty-in-crypto-scam-faces-up-to-10-years-in-prison\/","title":{"rendered":"Founder of Coin Signals Funds Pleads Guilty in Crypto Scam \u2014 Faces up to 10 Years in Prison"},"content":{"rendered":"

The founder and manager of several cryptocurrency funds has pleaded guilty <\/strong>to luring investors to his crypto investment scam. His funds consistently lost money and his scam left investors with a $5 million loss, according to the U.S. Department of Justice (DOJ).<\/strong><\/p>\n

Investors Scammed Into Investing in Coin Signals\u2019 Funds<\/h2>\n

The U.S. Department of Justice (DOJ) announced Tuesday that Jeremy Spence (aka Coin Signals) has pleaded guilty in a fraudulent cryptocurrency investment scheme.<\/p>\n

Spence \u201csolicited over $5 million from more than 170 individual investors for various cryptocurrency funds that he operated, after making false representations in connection with these funds,\u201d the DOJ explained. Spence was charged<\/a> in June.<\/p>\n

U.S. Attorney Damian Williams detailed:<\/p>\n

Jeremy Spence, a\/k\/a, \u2018Coin Signals,\u2019 admitted today to luring investors to his cryptocurrency investment scam by touting fictitious historical returns of up to 148%.<\/p>\n

\u201cIn reality, Spence\u2019s investments consistently lost money, and his scam left investors with a $5 million loss,\u201d the Justice Department continued.<\/p>\n

Spence solicited investors for several cryptocurrency investment funds that he created and managed from November 2017 through April 2019. His largest and most active funds were Coin Signals Bitmex Fund (CS Mex Fund), Coin Signals Alternative Fund (CS Alt Fund), and Coin Signals Long Term Fund.<\/p>\n

The Department of Justice noted:<\/p>\n

Investors who wanted to participate in a fund would transfer cryptocurrency, such as bitcoin and ethereum, to Spence in order for Spence to invest it.<\/p>\n

\u201cTo hide his trading losses, Spence used new investor funds to pay back other investors in a Ponzi-like fashion,\u201d the DOJ described, adding that he \u201cdistributed cryptocurrency worth approximately $2 million to investors substantially from funds previously deposited by other investors.\u201d The Justice Department elaborated:<\/p>\n

Spence, 25, pled guilty to commodities fraud, which carries a maximum sentence of ten years in prison.<\/p>\n

What do you think about this case? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, coin signals, Crypto Fraud, crypto investment scheme, crypto scam, cryptocurrency fraud, DOJ, Ponzi Scheme<\/p>\n","protected":false},"excerpt":{"rendered":"

The founder and manager of several cryptocurrency funds has pleaded guilty to luring investors to his crypto investment scam. His funds consistently lost money and his scam left investors with a $5 million loss, according to the U.S. Department of Justice (DOJ). Investors Scammed Into Investing in Coin Signals\u2019 Funds The U.S. Department of Justice…<\/p>\n","protected":false},"author":0,"featured_media":14900,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14899"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14899"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14900"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}