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Crypto Scammer Coin Signals Ordered to Pay $2.8 Million to Victims

The American authorities ordered Jeremy Spence (a.k.a. “Coin Signals”) to pay over $2.8 million in restitution to victims of his cryptocurrency fraud. 

The US Department of Justice (DOJ) sentenced the criminal to 42 months in prison in May for running a scheme that defrauded investors with more than $5 million.

‘An Illustration of the CFTC’s Best Efforts’

The Commodity Futures Trading Commission (CFTC) announced that the US District Court for the Southern District of New York entered a consent order for a “permanent injunction, restitution, and equitable relief” against Jeremy Spence. The man, popular in the community as “Coin Signals,” operated a crypto Ponzi scheme and drained over $5 million worth of digital assets from conned investors.

The authorities ordered him to reimburse victims with $2,847,743 and enforced permanent registration and trading bans on the wrongdoer.

The CFTC reminded that Spence ran his scam between December 2017 and April 2019. He lured approximately 175 people and siphoned huge amounts of bitcoin (BTC) and ether (ETH). 

The investigation determined that the American issued false performance statements, misrepresented his operations, and lied about his entity’s liquidity to gain the users’ trust. “Space eventually admitted to customers that he had engaged in lies and deceit,” the court stated. “Coin Signals” pleaded guilty in November 2021 and received a prison sentence of three and a half…

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