A cryptocurrency trader who defrauded more than 170 people was sentenced to 42 months in prison on May 11 for allegedly making a large return on cryptocurrencies.
According to Dodge, 25-year-old Jeremy Spain has falsely claimed to represent millions of people, saying:
United States District Judge Lewis Kaplan, who operates the social media channels for Coin Signals, has been granted a U.S. District Court decision in the Southern District of New York. Spain was sentenced to three years in prison and fined more than $ 2.8 million.
A.D. In January 2021, Spain was arrested by the Federal Bureau of Investigation (FBI) and a separate civil case was filed with the Commodity Futures Trading Commission (CFTC).
A.D. A.D. Spain pleads guilty to fraudulent use of cryptocurrencies over $ 5 million from November 2017 to April 2019
An example from the DOJ states that Spain posted a message to an online discussion group stating that one of the funds was returned 148% that month.
According to U.S. District Judge Louis Kaplan, Law360 concluded:
“What amazes me is the stupidity of the people you have invested with. There are real consequences for these extremists and they are serious.”
Wanting to make a profit by investing crypto to invest in Spain, he created a fake account to hide his losses. Spain has already started using the money from new investors to pay investors, and nearly $ 2 million in cryptocurrencies has been distributed.
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In a statement to the court, Spain told Judge Kaplan that he had “suffered” for his behavior and apologized to the investors, saying he was “unfit to trade” the money. [he] It was not fully prepared. “
Cointelegraph sought comment from Spence’s legal representatives but received no response within the allotted time.