US News Millions in crypto fraud: FBI arrests Coin Signals operator
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The crypto fund Coin Signals Signals promised investors huge profits. Now the operator has been charged with fraud. It is not the first complaint.
Coin Signals promised investors returns of up to 148 percent. More than 170 investors wanted to benefit from it and together invested about five million US dollars. Much of this money should be gone, because according to the FBI, the 24-year-old operator of Coin Signals made constant losses. "Since his trade was less profitable and significantly less successful than he portrayed to investors, he used the money of new investors to pay off others to keep his plan going - a typical feature of a pyramid scheme," says an.
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In order to fake profits, the coin signals operator is said to have paid out around two million dollars in crypto currencies to investors that it had previously collected from other investors. For this he now has to answer in court. He is charged with suspected securities fraud. Should he be found guilty, he faces up to ten years in prison. He is also accused of postal and telecommunications fraud. The maximum sentence for this in the USA is 20 years. The defendant had mainly advertised for investors on Twitter andFBI warns crypto investors to be careful .
As early as 2018, 22 injured parties filed a civil lawsuit against several backers of Coin Signals. A US court awarded plaintiffs reparation of $ 2.9 million. However, it is unclear whether the defendants are even able to compensate for the financial damage caused.
Even if the Coin Signals operator were to be convicted, a large part of the investors' money should be lost. The FBI therefore advises other crypto investors to exercise caution. “Whether it's investing in cash, stocks, or virtual currency, our advice to investors remains the same: exercise due care and report suspicious activity to the authorities if something doesn't seem right to you,” said FBI Assistant Director William Sweeney.
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