Bitcoin.com - Founder of Coin Signals Funds Pleads Guilty in Crypto Scam — Faces up to 10 Years in Prison

https://news.bitcoin.com/founder-coin-signals-funds-pleads-guilty-crypto-scam-10-years-prison/

The founder and manager of several cryptocurrency funds has pleaded guilty to charges of defrauding his crypto-investors.

Spence raised more than $5 million from about 170 investors and made false statements about the return on his investments.

Investors who wish to participate must transfer cryptocurrency to Spence for investment.

To hide his investment losses, Spence used the new investor funds to pay off previous investors like Ponzi scheme.