US authorities have ordered Jeremy Spence (aka “Currency Signals”) to pay more than $2.8 million in compensation to victims of a cryptocurrency scam.
The US Department of Justice sentenced the criminal to 42 months in prison in May for running a scheme to defraud investors of more than $5 million.
“Illustration of the CFTC’s best efforts”
Commodity Futures Trading Commission (CFTC) more dangerous that the US District Court for the Southern District of New York issued a consent order for “permanent injunction, restitution, and equitable relief” against Jeremy Spence. The man, known in the community as “Currency Signals,” ran a digital currency Ponzi scheme and drained over $5 million in digital assets from fraudulent investors.
Authorities ordered him to pay $2,847,743 in compensation to the victims and imposed a permanent registration and business ban on the perpetrator.
The CFTC noted that Spence ran his scam between December 2017 and April 2019. He solicited about 175 people and swallowed massive amounts of bitcoin (BTC) and ether (ETH).
The investigation concluded that America issued false performance data, misrepresented its operations, and lied about the liquidity of its devices to gain user trust. “Space eventually admitted to clients that he had engaged in lies and fraud,” the court said. Coin Signals pleaded guilty in November 2021 and Receive He was sentenced to three and a half years in prison several months later.
The US regulator has vowed to continue its war against these fraudsters, to ensure maximum protection for consumers. CFTC Commissioner Kristen Johnson warned Other offenders could take Spence’s place after he’s jailed, which means people should be prepared for scams in the future:
“While Spence’s prison sentence will limit his ability to continue this scheme, other bad actors are willing, willing, and able to take his place and appropriate the hopes and fears of his victims. Accordingly, I strongly encourage members of the public to stay informed about potential fraud and abuse. in the digital asset markets by visiting the Investor Advice page.
It’s jail time for Guy Manzini too
Jabara Egbara, an Instagram influencer known as “Jay Manzini,” pleaded guilty last month to money laundering, fraud and conspiracy to defraud.
He urged his followers to send him bitcoins and promised that he would pay higher prices for such transactions. As it usually happens in such cases, he stole millions of BTC from deceived people.
All the victims, in this case, were promised something too good to be true. Fattorusso, the special agent in charge of the IRS-CI, said victims of the bitcoin advance fee scheme are guaranteed higher than the current market value of their bitcoin.
Jay Manzini faces up to 20 years in federal prison for his crimes.
The cryptocurrency reference after its demand to pay victims $2.8 million first appeared on CryptoPotato.