Home » SEC Charges Coin Signals in A Fraud Case

SEC Charges Coin Signals in A Fraud Case

by Carolina Lynch
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United States Securities and Exchange Commission, along with other federal agencies, are closely watching various cryptocurrency-related activities in the country. After filing a lawsuit against Ripple Inc, the SEC has now charged a trader named Coin Signals for fraud of more than $5 Million.

Jeremy Spence has been charged in the Manhattan Federal Court case for allegedly cheating 170 investors and soliciting funds for his crypto funds.

SEC Clamps Down Jeremy Spence for Ponzi Investment Scheme

US SEC has filed a case against a crypto trader named Jeremy Pence, who trades with the name Coin Signals, for defrauding a whopping $5 million in crypto funds. The authorities have charged Pence with a Ponzi scheme through which he conducted a commodities fraud.  As per the reports, Pence allegedly invested in crypto assets like Bitcoin and Ethereum on behalf of his customers. Coin Signals cheated the people by luring them, showing his platform’s fake success. he simply used money from new investors to pay to the older ones. The  Federal Buries of Investment Assistant Director William Sweeny talked about the case, highlighting that Spence was using a technique which is a  typical marker of a Ponzi scheme.”

The Manhattan court attorney said that Coin Signals created a cryptocurrency investment scheme promising massive 148 percent returns to trap the investors. The investments failed to reach the claims and left a $5 million void in his clients’ crypto accounts. While Coin Signals partook fake claims to give massive returns to the investors, the latter kept on losing money.  The charges are intense, and the accused can get a jail of up to 30 years if convicted of the charges. Reportedly Jeremey Spence was arrested by the authorities.  The arrest was made in Rhode Island on Monday.

The complaint detailed that Spence solicited investments from the customers by fake representations. He used an online chat group on Jan 28, 2018, to render a message that his past investments have given returns of more than 148 percent. He generated fictitious account balances and duped the investors by showcasing profits when losing money by investing through Spence.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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