Stock Groups

Cryptocurrency Trader Sentenced to up to 10 Years in Prison for Scamming Investors -Breaking

by Mike Robinson

[ad_1]

A Cryptocurrency trader is sentenced to up 10 years in prison for scamming investors

Jeremy Spence (25) pleaded guilty in luring crypto investors to Coin Signals. Spence made false promises and promised up to 148% returns, and more than 170 investors were lulled into investing in fraudulent funds.

Spence received additional funds from investors because of false statements.

Some of Spence’s false representations included him stating that his trading is extremely profitable when in reality, it had always been unprofitable. According to the Department of Justice

“To hide his trading losses, SPENCE used new investor funds to pay back other investors in a Ponzi-like fashion. In total, SPENCE distributed cryptocurrency worth approximately $2 million to investors substantially from funds previously deposited by other investors.”
Spencer could face up to 10 years imprisonment for pleading guilty in commodities fraud.

Flipside

  • As U.S. Attorney Damian Williams reported in Jeremy Spence’s case, “the bourgeoning cryptocurrency market can be attractive to investors; however, investors should be aware of the inherent risks, including the risk of fraud.”

EMAIL NEWSLETTER

Get the other side of crypto!

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
With just one click, you can unsubscribe at any time.

Continue reading on DailyCoin

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for loss or damages resulting from reliance on data including charts, buy/sell signals, and quotes. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]