{"id":138747,"date":"2021-01-27T04:30:13","date_gmt":"2021-01-26T23:00:13","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=138747"},"modified":"2021-01-27T00:06:46","modified_gmt":"2021-01-26T18:36:46","slug":"us-sec-charges-crypto-trader-coin-signals-in-5-million-fraud-case","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/us-sec-charges-crypto-trader-coin-signals-in-5-million-fraud-case\/","title":{"rendered":"US SEC charges crypto trader ‘Coin Signals’ in $5 million fraud case"},"content":{"rendered":"

United States Securities and Exchange Commission (SEC) charged<\/a> a cryptocurrency trader for allegedly being involved in a ponzi scheme defrauding more than $5 million from over 170 investors. The accused, Jeremy Spence, who goes by the name \u201cCoin Signals,\u201d was charged in Manhattan Federal Court for “soliciting funds” for various crypto funds that he operated.\u00a0<\/span><\/p>\n

Federal authorities claimed that Spence operated a Ponzi scheme and that his offenses include \u201ccommodities fraud and wire fraud.\u201d <\/span>According to SEC, investors transferred Bitcoin and Ethereum to Spence, so that he could invest the assets on their behalf.\u00a0\u00a0<\/span><\/p>\n

Federal Bureau of Investigations (FBI) Assistant Director-in-Charge William Sweeney Jr claimed that Spence enticed investors by giving them false information about the \u201csuccess of his investment platform.\u201d The trader allegedly used money from new investors to pay off others in order \u201cto keep his plan moving\u201d which the FBI Director said was \u201ca\u00a0 typical marker of a Ponzi scheme.\u201d<\/span><\/p>\n

The official complaint<\/a> read:<\/span><\/p>\n

Spence solicited investments for several Funds, the largest and most active of which were the Coin Signals Bitmex Fund, a\/k\/a the \u201cCS Mex Fund,\u201d the Coin Signals Alternative Fund, a\/k\/a the \u201cCS Alt Fund,\u201d and the Coin Signals Long Term Fund.\u00a0<\/span><\/p><\/blockquote>\n

Manhattan US Attorney Audrey Strauss alleged that Jeremy Spence lured investors to his crypto \u201cinvestment scam\u201d by promising returns of up to 148%.\u00a0 The Attorney further said:\u00a0\u00a0<\/span><\/p>\n

Spence\u2019s investments not only failed to reach his audacious claims, they consistently lost money, leaving a $5 million void in his clients\u2019 crypto accounts. <\/span><\/p><\/blockquote>\n

According to the Commission, Spence was arrested this morning in Rhode Island. <\/span>He could face nearly 30 years in prison if authorities convict him on all charges.\u00a0 <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

United States Securities and Exchange Commission (SEC) charged a cryptocurrency trader for allegedly being involved in a ponzi scheme defrauding more than $5 million from over 170 investors. The accused, Jeremy Spence, who goes by the name \u201cCoin Signals,\u201d was charged in Manhattan Federal Court for “soliciting funds” for various crypto funds that he operated.\u00a0Continue reading “US SEC charges crypto trader ‘Coin Signals’ in $5 million fraud case”<\/span><\/a><\/p>\n","protected":false},"author":34,"featured_media":138748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,32,66,3,20],"tags":[],"class_list":["post-138747","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-ethereum-news","category-new-news","category-news","category-trading-view"],"acf":[],"yoast_head":"\nUS SEC charges crypto trader 'Coin Signals' in $5 million fraud case - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Manhattan US Attorney Audrey Strauss alleged that Jeremy Spence lured investors to his crypto scam\u201d by promising returns of up to 148%.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/us-sec-charges-crypto-trader-coin-signals-in-5-million-fraud-case\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US SEC charges crypto trader 'Coin Signals' in $5 million fraud case - 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