Trader Jeremy Spence sued for alleged Ponzi scheme

Crypto law firm Silver Miller announced on Wednesday, 26 Dec, the start of a new federal court lawsuit against Jeremy Spence, the alleged operator of a crypto Ponzi scheme.

The law firm continues fighting alleged investment scams and fraudulent cryptocurrency operations. Silver Miller currently has pending actions against the Coinbase, Kraken, BitConnect, and Cryptsy exchanges as well as ICO promoters Tezos and Monkey Capital.

Spence is alleged to have sold investments through a “sham entity” named Coin Signals. Pretending to be a cryptocurrency trader managing a set of hedge funds, he is accused of soliciting numerous investors worldwide. However, the lawsuit claims that he did not invest the collected money. Instead, he is alleged to have distributed the funds obtained from new investors as investment profits while keeping large sums for personal use, thus operating a Ponzi scheme.

According to Silver Miller, Spence “purported to be managing investor assets valued at more than $5,000,000.”