Leading crypto investor law firm Silver Miller has filed suit against an individual named Jeremy Spence on behalf of several people who claim they were duped into taking part in an alleged Ponzi scheme.

The lawsuit claims that Spence sold a series of investments via phony and fraudulent hedge funds through a company called Coin Signals. Spence also made claims that he was a successful crypto trader and offered exorbitant returns to his customers through messages on both Telegram and Discord.

Crypto Crime Is a Regular Thing

Evidence is now emerging that Spence did not operate any hedge funds, but rather collected funds from new investors to pay off old ones, all the while alleging that these funds did not belong to individuals but were rather profits made from investing decisions. Additionally, Spence held onto several of these funds himself which he used to pay both debts and personal expenses.

The scheme is believed to have accumulated over $5,000,000 from varying investors. The lawyers overlooking the case at Silver Miller have put in a request with a district court in New York that the cryptocurrency funds be returned to the original investors and owners, and that a monetary penalty be imposed on Spence for his fraudulent behavior.

Silver Miller is one of the largest legal firms covering fraudulent cryptocurrency activity and investments. At the time of writing, the firm either has or had impending actions against some of the largest digital asset companies in the space including U.S.-based exchange Coinbase, Kraken in San Francisco, BitConnect and Cryptsy. The firm has also brought forth several lawsuits against phony initial coin offering (ICO) projects including Tezos and Monkey Capital.

Among the company’s largest cases involves a combined suit against the phone companies AT&T, T-Mobile and Verizon Wireless. The suit is on behalf of several former customers who claim their security protocols were not strong enough. Several users state that they were the victims of crypto thefts, in which their phones were used through a tactic known as “SIM swapping” by hackers to garner relevant account information that led to their crypto funds being stolen.

Investment Fraud Takes on Many Forms

Leading lawyer at the firm David Silver states that while several of these and other cases handled by the firm involv cryptocurrencies, he primarily considers himself an “investment fraud lawyer,” and that crypto is just one doorway of financial crime:

“At the end of the day, I consider myself an investment fraud lawyer. I don’t care how people lose money; crypto happens to be the crime du jour. It’s not that complicated. I just say stop stealing money.”

Are we likely to see more crypto cases like these in the future? Post your comments below.

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