Crypto Ponzi Scheme “Coin Signals” Faces The Music As Silver Miller Officially Files Lawsuit
Crypto Ponzi Scheme Faces The Music – Silver Miller Officially Files Lawsuit
Anyone that has a shred of experience in the world of investing will know what a Ponzi scheme is. And nowhere is more cleaned up in terms of overly-optimistic investment capital than in the cryptocurrency world. One, in particular, has managed to spin fabricated assets of over $5 million.
Known to have one of the best reputations amongst those legal action firms based both in the United States and within the Cryptocurrency world, Silver Miller is making (digital) front pages this week.
According to an announcement from the company on Wednesday, the company has stated that it has officially begun to push for a new federally sanctioned court lawsuit against a crypto-based Ponzi Scheme, with the action directly naming Jeremy Spence, one of those that was alleged to have been operating the scheme.
Within the companies statement on the 26th December, it is written within the federal suit that Spence fraudulently sold investments to buyers through fictitious and often completely fabricated hedge funds under his own shell organization – Coin Signals.
According to Silver Miller,
“The objective behind the lawsuit is that it wants the court to “rescind the investments in the fraudulent Coin Signals funds; return to the investors their cryptocurrency; impose a monetary penalty against Spence and his collaborators for their fraud, and impose a constructive trust over the assets collected by Spence,” this was made clear within the body of the statement given on December 26th.”
Operating in such a way as to fraudulently mis-sell to his otherwise oblivious buyers, Spence attracted and misled would-be clients through his social media presence. Putting to use a digital ‘silver tongue' on messaging applications such as Discord and Telegram – popular conduits for communication for the blockchain / Cryptocurrency community.
it was through these mediums of communication that he presented himself both as a senior member of the company, while also promising to be a highly successful trader of cryptocurrency, promising those that invested in one of the Coin Signals hedge funds a consistent generation of strong returns.
Rather than providing investors with the same ‘solid returns' from the funds that he managed, The cryptocurrency law firm firmly claims that Spence was deliberately misled clients, spearheading a classic Ponzi-based operation.
In other words, he was responsible for the collection of funds from investors to manage within one of his ‘hedge funds.' Instead, he would take these newly acquired funds and provide them to older members of the company, misleading them as well by claiming that these were profits from their initial investment.
Far from just being a passive player within this scheme, Spence stood to gain quite a great deal from the partnership himself – pocketing a great deal of the new capital for himself – largely to sustain his own personal expenditures and outstanding debts. It was at this ‘high watermark' of its con-artistry that the company claimed to be responsible for the management of over 5 million dollars worth of assets.
Silver Miller – Holding Companies Accountable
For Fraudulent Activities In The Cryptocurrency Space
Silver Miller has been more than active in the legal scene battling against fraudulent activities from within the cryptocurrency world, and it has demonstrated itself as a protector of consumer rights within the crypto space, and this latest legal suit demonstrates it.
Along with major suits against companies, Silver Miller has taken on cases on behalf of individuals and groups of investors that have been affected to some extent by illegal activities and fraudulent trading practices.
At this moment in time, Silver Miller has a number of legal cases pending against a number of popular cryptocurrency exchanges and platforms that are well known by users. These include companies like Kraken, BitConnect, Cryptsy Exchanges and even Coinbase. The legal firm has also been legally engrossed in legal suits against pre-functional promotors of token based Initial Coin Offerings like Monkey Capital and Tezos.