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Update: “Coin Signals” trader also faces charges from the CFTC

Arrested by the FBI earlier today, 24-year-old Spence also faces civil charges of fraud that look to bar him from future trading.

For Jeremy Spence, also known as “Coin Signals,” the news just gets worse.

The Commodity Futures Trading Commission has unveiled civil fraud charges against Spence for his investment scheme, which allegedly suckered investors out of over $5 million worth of Bitcoin (BTC) based on false or misleading statements.

As Cointelegraph reported, the Department of Justice arrested Spence earlier today on charges of wire fraud and commodities fraud that have maximum sentences of up to 30 years combined. 

The CFTC’s civil complaint looks to return Spence’s allegedly ill-gotten gains back to investors and to bar Spence from trading in commodity interest writ large.

While news like this tends to stigmatize the crypto industry, the CFTC, for its part, advertised its intentions as trying to keep digital asset markets honest. The commission’s release quotes Acting Director of Enforcement Vincent McGonagle as saying: “Fraudulent schemes, like that alleged in this case, undermine the integrity and development of digital asset markets and cheat customers out of their hard-earned money.”

In October 2020, the CFTC and DoJ announced similarly synchronized actions, with civil charges against BitMEX and criminal charges against four of the exchange’s executives.

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Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

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Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

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