A U.S. man faces 10 years behind bars after pleading guilty to defrauding over 170 investors in a digital currency Ponzi scheme. Jeremy Spence posed as a successful trader, lured investors and made off with over $5 million, authorities said.
In a press release, the U.S. Department of Justice (DoJ) announced that Spence, 25, had pleaded guilty to charges of commodities fraud before U.S. Magistrate Judge Debra Freeman.
The DoJ alleged that Spence, who went by the alias ‘Coin Signals,’ orchestrated his Ponzi scheme between November 2017 and April 2019. In that time, he solicited funds from over 170 investors by claiming to be a very successful trader. He allegedly launched several digital currency investment funds, including the Coin Signals BitMEX Fund, the Coin Signals Alternative Fund and the Coin Signals Long Term Fund.
Spence allegedly lured the investors by claiming to be extremely and consistently profitable,…