Leader of the Million Dollar Ponzi Scheme Arrested in the USA.
In a written statement from the US Department of Justice, it was announced that the leader of the ponzi shama ” 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 wide range of users. The leader of the ponzi scheme, which caused a total loss of around $ 5 million to 170 customers, 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 top of 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 .