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…
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Spence managed to solicit over $5 million through false representations. He claimed that his crypto trading had been extremely profitable when, in fact, it had been consistently unprofitable. As a result of his claims, investors transferred additional funds to him. In over one month, He recorded net losses in the accounts in which he traded…
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The civil monetary fine that Spence will have to pay amounts to $33 million according to the latest CFTC order, with restitution penalties totalling just over $11 million to be paid to Coin Signal customers who fell victim to the fraudulent scheme. The initial complaint stated that Spence eventually conceded to Ponzi victims that he…
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