In a written statement made by the US Department of Justice, it was announced that the leader of the ponzi shaman named "Coin Signals", Jeremy Spence was being held in Rhode Island.
Introducing himself as a cryptocurrency trader, Jeremy Spence managed to gain the trust of his customers by announcing huge gains with fake transactions, thereby reaching a large user base. The leader of the ponzi scheme, which inflicted a loss of approximately $ 5 million on 170 customers in total, recently caught the eye.
This is how Jeremy Spence managed to deceive people, distributing the revenue from new users as profits to former users, as is the nature of almost all Ponzi schemes. Even when Jeremy Spence announced a massive 148% gain in January 2018, it was actually sitting on a huge loss.
Manhattan US Attorney Audrey Strauss said investors should be wary of offers that seem too good to be true.
Jeremy Spence was sued by the crypto-focused law firm Silver Miller for "running a fake cryptocurrency hedge fund" in December 2018.