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American authorities have ordered Jeremy Spence, a.k.a. "Coin Signals" to pay more than $2.8 million to victims of his crypto fraud.
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In May, the US Department of Justice (DOJ) sentenced the criminal for running a scheme to defraud investors of more than $ 5 million.
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The Commodity Futures Trading Commission announced that the US District Court for the Southern District of New York
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Had entered a consent order for a permanent injunction, restitution, and equitable relief against Jeremy Spence.
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This man, known as Coin Signals in the community, ran a crypto Ponzi scheme that drained more than $5 million of digital assets from the conned investor.
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Authorities ordered him to pay $2,847 743 for victims, and he was also forced to register and trade without permission.
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The CFTC reminded Spence that his scam ran from December 2017 to April 2019.
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Spence lured around 175 people and siphoned large amounts of bitcoin (BTC) and ether (ETH).
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To gain users' trust, the investigation found that the American had made false performance statements, misrepresented operations, and lied about the liquidity of his entity.
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The court stated that Space eventually admitted to customers that it was a case of lies and deceit.
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"Coin Signals" pleaded guilty to the charges in November 2021 and was sentenced to three-and-a-half years imprisonment a few months later.
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