Silver Miller () — the leading cryptocurrency investor law firm in America — has commenced a new federal court lawsuit on behalf of investors in a Ponzi scheme orchestrated by Jeremy Spence, alleging that Spence sold investments in a series of fraudulent hedge funds through a sham entity he named Coin Signals. Purporting to be a successful cryptocurrency trader offering lucrative returns in a set of hedge funds he was allegedly managing, Spence solicited investors worldwide through online discussions on Telegram and Discord. Rather than operating a hedge fund, though, Spence was conducting a classic Ponzi scheme: collecting funds from new investors and distributing those funds to prior investors under the guise that those distributions were investment profits. In the course of his scheme, Spence retained for himself large portions of the invested funds to pay personal expenses and debts. At its peak, the Ponzi scheme purported to be managing investor assets valued at more than $5,000,000.00.
The lawsuit, styled , U.S. Dist. Ct. – SDNY – Case No. 1:18-cv-12218, pleads that the Court 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.
Silver Miller continues to be a strong advocate for aggrieved cryptocurrency investors harmed by the illegal actions of fraudulent investment promoters, digital asset exchanges, and trading platforms. With actions pending against the Coinbase, Kraken, BitConnect, and Cryptsy exchanges as well as lawsuits against pre-functional token ICO promoters Tezos and Monkey Capital, Silver Miller is at the forefront of cryptocurrency litigation.
In a recent issue, Fortune Magazine published an article (“”) highlighting Silver Miller co-founder David Silver’s trailblazing work and explained how David Silver has started a legal revolution by suing cryptocurrency firms. The article also discusses Silver Miller’s newly-forged path of cases against AT&T, T-Mobile, and Verizon Wireless for the wireless carriers’ complicity in the theft of millions of dollars of cryptocurrency from smartphone users who had their cellphone service illegally transferred from them into the hands of hackers.