Authorities in the United States of America have ordered crypto scammer Coin Signals to return about $2.8 million to the victims of his scam activities. The criminal, Jeremy Spence, was arrested by authorities in December 2021 due to the crypto fraud he carried out last year. Earlier this year, he was sentenced to serve three and half years in prison for his crimes. According to regulators, the criminal defrauded users of about $5 million throughout its existence.
Coin Signals will return $2.8 million
According to the CFTC, the California district court submitted an order that saw Coun Signals presented with a permanent injunction and equitable relief. Before he was caught, Coin Signals was a household name in the crypto community until he scammed unsuspecting investors of about $5 million in various crypto.
Asides from returning the stolen funds, the criminal has also been slammed with a ban that will block any future registrations of investment and trading. The CFTC claimed that the scam ran from 2017 to 2019, with the criminal scamming over 175 people. The report also claimed that the majority of the asset that he stole were either in Bitcoin or Ethereum. In addition, the investigation revealed that the criminal misrepresented everything about his firm to investors to gain their confidence.
Regulators dock Jay Manzini
United States regulators have vowed to rid the country of people like Jeremy Spence, which will translate into more user protection. The commissioner of the CFTC also warned fraudsters to desist before the long arm of the law catches up with them. He also warned traders to be watchful about companies like that to prevent themselves from getting scammed. The commissioner noted that Coin Signals would continue his sentence but cautioned that other bad actors are gearing up to take his throne.
Asides from Coin Signals, famous influencer Jay Mancini has also pleaded guilty in court. The influencer asked users to send him Bitcoin in exchange for payments on a premium. Unfortunately, he ended up taking their assets without paying them for them. An agent mentioned that most victims fell for the scam because he promised to pay above market value for their BTC. The Instagram influencer is presently behind bars and could spend up to 20 years in prison for his atrocities.