Feds Charge Crypto Trader 'Coin Signals' With $5M Fraud

By Dean Seal (January 26, 2021, 10:55 PM EST) -- Federal prosecutors in New York unsealed criminal charges Tuesday against a 24-year-old who allegedly ran a $5 million Ponzi scheme on investors who thought they were buying into his profitable cryptocurrency funds.

The FBI arrested Jeremy Spence in Rhode Island on Tuesday morning on charges of commodities fraud and wire fraud connected to solicitations he's made in recent years under the moniker "Coin Signals."

According to prosecutors and the U.S. Commodity Futures Trading Commission, which filed a parallel enforcement action Tuesday, Spence solicited more than $5 million from more than 170 investors in his so-called Coin Signals cryptocurrency investment pools by...

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