On December 2nd, the US Department of Justice (DOJ) announced on Tuesday. Jeremy Spence (aka Coin Signals) pleaded guilty in a fraudulent cryptocurrency investment scheme.
The Department of Justice explained that Spence “after making false statements about its cryptocurrency funds. More than $5 million has been raised from more than 170 individual investors for use in various cryptocurrency funds he operates.”
Spence was charged in June. The U.S. Department of Justice pointed out that “Jeremy Spence admitted today that he peddled a false historical rate of return of up to 148% to induce investors to participate in his cryptocurrency investment scam.
In fact, Spence’s investment has been losing money. His scam cost investors 5 million U.S. dollars. “Spence recruited investors for several cryptocurrency investment funds he created and managed between November 2017 and April 2019. His largest and most active funds are Coin Signals Bitmex Fund (CS Mex Fund), Coin Signals Alternative Fund (CS Alt Fund) and Coin Signals Long-Term Fund. The 25-year-old Spence pleaded guilty to commodity fraud and carries a maximum sentence of 10 years in prison.