Trader Jeremy Spence sentenced 42 months in prison for fraud – Bits Media

American cryptocurrency trader Jeremy Spence, known under the pseudonym "Coin Signals", received 42 months in prison for fraud $5 million.

Justice Department indicts Jeremy Spence (Jeremy Spence) in deception 170 investors and embezzlement $5 million. According to prosecutors, the trader declared his “extremely profitable trading strategy”, but in fact his trades were almost always unprofitable. He was arrested at the beginning 2021 of the year, in the fall he admitted his guilt, and now the court of the Southern District of New York has sentenced him to 42 month of imprisonment. Besides, the defendant will have to pay $2.8 million to deceived investors.

Coin Signals has continued its activities since November 2017 year to April 2019 of the year. He has created several cryptocurrency investment funds, which turned out to be unprofitable. At the same time, to attract investors, he advertised them as extremely profitable. for instance, in one online chat he stated, what his foundation brought 148% profits in just a month. At the same time, he created fake profit reports.

"What struck me, so this is people's stupidity, whom you tricked into investing in your funds. But these scams have real consequences., and they are serious", District Judge Lewis Kaplan said (Lewis Kaplan) during the meeting.

Jeremy Spence himself said during his address to the court:, that he was “killed” by his own behavior. He apologized to investors and admitted, that he was not qualified enough to trade such a volume of funds. According to him, trader "entered the world, for which I was completely unprepared".

Previously reported, that the US Department of Justice has formally charged the founder and CEO of Mining Capital Coin, Louis Capucci Jr., with creating an international fraudulent scheme on $62 million.