Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Malam90 on January 27, 2021, 01:55:40 AM
-
24-year-old Jeremy Spence bilked his investors of $5 million, according to a criminal complaint.
U.S. District Court for the Southern District of New York(Elbud / Shutterstock)
Danny Nelson
The Federal Bureau of Investigation (FBI) on Tuesday arrested Rhode Island cryptocurrency trader Jeremy Spence on allegations that his “Coin Signals” crypto funds bilked investors of $5 million between November 2017 and April 2019.
The 24-year-old proprietor of at least three crypto funds allegedly ran their value into the ground, losing millions of dollars for 170 investors. Spence tried to hide his losses by funneling over $2 million of newcomers’ bitcoin (BTC, -1.27%) and ethereum (ETH, -2.14%) positions to old-timers in a “Ponzi-like” fashion, according to a complaint unsealed Tuesday in federal court.
He also fabricated account balances to show Coin Signals investors in the green, prosecutors allege. Spence once falsely told his investors they were up 148% in a single month, according to the complaint. Source link (https://www.coindesk.com/coin-signals-arrested-crypto-fraud)