The US Federal Bureau of Investigation (FBI) has arrested cryptocurrency trader Jeremy Spence for defrauding investors of $5M. According to the statement shared by the Department of Justice, 170 investors have been victims of the fraud.
Between 2017 to 2019, Spence raised $5M in several funds he had created. The largest were Signals Bitmex Fund, Coin Signals Alternative Fund and Signals Long Term Fund.
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The authorities claim the trader concealed losses from failed investments with client funds. He also generated fake account balances.
In 2018, law firm Silver Miller filed a lawsuit against Spence accusing him of organizing a pyramid scheme.
Spence faces a 30-year prison sentence. In addition, the US Commodity Futures Trading Commission has demanded damages, a permanent ban on trading activities and fines.
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