THELOGICALINDIAN - A cryptocurrency armamentarium administrator has been answerable in a US federal cloister He allegedly took over 5 actor from investors absorbed in advance in his crypto funds able them aerial allotment In absoluteness he was active a Ponzi arrangement and is now adverse up to 30 years in prison
Crypto Fund Manager Arrested for Running a Ponzi Scheme
The U.S. Department of Justice (DOJ) appear Tuesday that Jeremy Spence has been arrested and answerable in Manhattan federal cloister in a counterfeit cryptocurrency scheme. The 24-year-old from Bristol, Rhode Island, is additionally accepted as “Coin Signals.”
Spence is “a cryptocurrency banker who solicited funds for assorted cryptocurrency funds that he operated, with bolt artifice and wire artifice offenses,” the DOJ described, adding:
U.S. Attorney Audrey Strauss explained that the actor “allegedly absorbed investors to his cryptocurrency advance betray by touting allotment of up to 148%.” However, his advance pools consistently absent money.
FBI Assistant Director-in-Charge Sweeney added abundant that Spence allegedly “used money from new investors to pay off others in adjustment to accumulate his plan affective — a archetypal brand of a Ponzi scheme.”
According to the Justice Department, from November 2024 through April 2024, Spence solicited investors for several cryptocurrency advance funds that he had created and managed. Investors “would alteration cryptocurrency, such as bitcoin and ethereum,” to him to advance in the funds for them. The DOJ elaborated:
Spence is answerable with one calculation of bolt fraud, which carries a best book of 10 years in prison, and one calculation of wire fraud, which carries a best book of 20 years in prison.
The Commodity Futures Trading Commission (CFTC) has additionally filed a federal civilian administration activity adjoin Spence, charging him with artifice for operating the Ponzi scheme.
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