The US District Court for the Southern District of New York ordered Coin Signals operator, Jeremy Spence, to pay $2.8 million in restitution to victims of a fraudulent scheme.
The order resolves a suit brought by the Commodity Futures Trading Commission against Jeremy Spence for allegedly operating a virtual currency Ponzi scheme.
Spence pleaded guilty earlier this year in a fraud case for soliciting individuals to invest in digital assets including bitcoin and ether from December 2017 through April 2019.
During this period, Spence fraudulently solicited and obtained over $5 million of digital assets such as bitcoin and ether from 175 user accounts.
Earlier in May, Spence was sentenced to 42 months in prison.
