On Wednesday, May 11, a court found 25-year-old trader Jeremy “Coin Signals” Spence from Rhode Island guilty of fraud. He organized a Ponzi pyramid scheme, deceiving 170 people.

The crypto trader will spend the next three and a half years in a general security prison. The damage from his scheme is estimated at more than $5 million.

The principle of operation of Spence’s “pyramid” was extremely simple – he repaid obligations to investors through new revenues, and at the same time claimed that his scheme was extremely profitable.

Between 2017 and 2019, he scammed a lot of people by running three funds. Each time he forged reports, displaying non-existent account balances so that investors would continue to send him money.

Spence pleaded guilty. After he is released, the fraudster will have to pay compensation in the amount of $2.8 million.