Jeremy Spence, 25, known on social media as “Coin Signals”, was sentenced to 42 months in prison for defrauding more than 170 people with $5.37 million.
According to the statement made by the US Department of Justice (DoJ) on May 11, between November 2017 and April 2019 operates many crypto funds the specified Spence He defrauded more than 170 people.
In addition, the Ministry of Justice said in a statement that Spence demanded Bitcoin and Ethereum from investors who wanted to participate in this fund in return. promising high returns stated to exist. In addition, Spence gives his investors a monthly 148% profit sent messages stating.
Similar to Spence’s “ponzi scheme” to pay back its investors uses a system is stated.
Lewis A. Kaplan, Judge for the Southern District of New York, said in a statement on the subject:
Spence has raised more than 5 million dollars from investors by stating that he is making good progress despite his constant failures in crypto trading.
said.
Spence, who admitted his guilt last November, also has about $2.8 million compensation will pay.