338 Days and Counting

 

338 Days more of Mayor Bill de Blasio. 

Partnerships for Parks - It's Our Park: 25 Years of Communities in Action

 

It’s Our Park: 25 Years of Communities in Action Join Partnerships for Parks (PfP) as we culminate our 25th anniversary at a virtual opening of our first-ever exhibition entitled It’s Our Park: 25 Years of Communities in Action. This collection of images and stories sourced directly from New York City community leaders, the PfP staff who work with them, and the NYC Parks’ archives; celebrates PfP’s community partners, telling their stories through their eyes and showing the transformation possible when people come together in their neighborhood parks to effect change.  Featured speakers include PfP Founder Tim Tompkins, PfP Director Sabina Saragoussi, City Parks Foundation Executive Director Heather Lubov, NYC Parks Commissioner Mitchell J. Silver, FAICP, and others who will discuss the past, present, and future of parks.  Space is limited and available on a first-come basis. If you have any questions, please contact PfP25@cityparksfoundation.org. Wednesday, February 17 from 6:00 pm to 8:00 pm REGISTER NOW Partnerships for Parks is a joint program of City Parks Foundation and NYC Parks that supports and champions a growing network of leaders caring and advocating for neighborhood parks and green spaces. We equip people and organizations with the skills and tools needed to transform these spaces into dynamic community assets.

Mayor de Blasio address the shortage of COVID-19 Vaccine

 

Mayor Bill de Blasio: Good morning, everyone. Of course, I want to talk about the really important announcement yesterday by President Biden, and it's a really hopeful announcement for this city and for this country. But first, last night in the Bronx, I just want to talk about this. One of our police officers, Officer Daniel Vargas, doing the most crucial work, the bravest work, defending us on the streets of the Bronx, part of the Gun Suppression Unit of the NYPD, the cops who go out and get guns off the streets, extraordinarily brave officers who do the most fundamental work of stopping violence – Officer Vargas, out there last night, protecting his fellow Bronxites. He's a proud son of the Bronx, protecting New Yorkers, and shot while doing his job. And, thank God, he's going to be okay. I spent time with him last night, and with his family. Thank God, it looks like he will make a very strong recovery, but a reminder of the absolutely crucial work that our officers do, the bravery they show, and further evidence – and we never want it to be this way, but it's a reminder to all New Yorkers that our officers are out there constantly getting guns off the streets more and more each day, each week. And this is a key part of how we turn the tide and get our city safer as we go through 2021.  

 

So, speaking of getting our city safer, the reality, I'm so pleased to say, is that we're seeing real efforts in Washington D.C. to help us. And, boy, that's a refreshing thing to be able to say, because I couldn't say that for a long time in 2020. We got confusion, and we got backsliding, and we got a lack of owning responsibility, but now we're seeing the exact opposite – President Biden's owning the mission. He is giving us clear, clear indications of where he is going and that he wants to keep upping the bar, making this vaccination effort stronger and stronger all the time. Look, this new leadership is making a difference. We're getting a clear sense of where our country's going, what's going to happen to our supply, additional short-term supply, which we need, but, crucially, the President's decision to go ahead and order 200 million more doses of the vaccine and speed up this process – really good news for all of us. For New York City, what it means immediately, we'll be getting 30 percent more doses of the Moderna vaccine, starting next week. That means about 17,000 more doses each week for us. That means 17,000 more shots of hope, 17,000 more New Yorkers who are safer and are feeling that confidence and that sense of peace that comes with getting vaccinated, even just the first time, and knowing that things are going to be better. So, this is really, really important for us. And when you think about it – again, I'm the first to say, we're going to need a lot more than that, but I'm also really happy to get those 17,000 new doses. And I think about the senior citizens in my life, I think about the folks who work in my neighborhood, who protect all of us. I think of the folks in the grocery store. I think of the folks in the local hospital. I think of all the folks who need the vaccine. We're able to reach so many more because of what the President has done. That's tremendously helpful. And we're going to keep pushing for more beyond that. 

 

Just to give you a sense of where we stand now, as New York City, from the beginning of our vaccination effort, here's today's number – we have vaccinated 673,405 doses. We have provided 673,405 doses of the vaccine, since the beginning. To give you a perspective, that is more people than in the entire city of Detroit, Michigan. And this effort will keep growing so long as we have the supply. Now, what can we do about it? The supply – I've talked about several things that would help us go faster – more supply from the federal government and the manufacturers, more flexibility from the federal government, the State, the ability to use those second doses now that aren't going to be used until – you know, can't be used for weeks. Let's put them into play now. But there's one more thing I want to talk about – the ability of the federal government to use the Defense Production Act to expand production. Remember, Defense Production Act allows the federal government to act as if in wartime and say to private businesses and manufacturers, you're now serving the people, you're going to do what we need you to do 24-seven, whatever it takes. Here's an obvious example, and I hope that the federal government acts forcefully. And you know what, if they do, we can talk about a whole new reality, because we now have proven that we can vaccinate 500,000 – we can give 500,000 doses a week if we had the supply. Let's innovate the new ways all over the country and get that supply in the hands of New York City and cities and towns and counties all over the country, and turn the page.   

 

Okay. Quick point before we go to indicators. So, last night – and I want to thank Katie Honan, of the Journal who suggested on a cold winter night, that'd be a good night for going to outdoor dining. And I didn't have enough time to sit down and really have a full meal, but I did want to patronize one of our restaurants and also emphasize that Restaurant Week is going on, but it's Restaurant Week To Go. So, I went up to Felice 83 on the Upper East Side. This – again, this is the first ever Restaurant Week To Go. And what a great restaurant that is. And they were ready for me, I want to thank the owner, Jacopo Giustiniani, and the manager, Flavio Forgione, for their great work. They have a great, great establishment. Now, they said something interesting last night. I was over there somewhere in the neighborhood of 8 o’clock, 8:30 PM. They said they had already done 100 takeout meals and it was because of Restaurant Week To Go, that there's a really incredible response to this. And so, everyone, look, I know there's people constantly saying, hey, how can I help my fellow New Yorker? What can I do? Here's a simple thing – help our restaurant industry, help our amazing restaurants, help the people who work in them and take advantage of a Restaurant Week To Go. $20 and 21 cents, you'll get an amazing deal. And if you want to see the list of restaurants, go to nycgo.com/restaurantweek.  

 

All right, quickly, our indicators. Number one, daily number of people admitted to New York City hospitals for suspected COVID-19 – today's report, 279 patients. And hospitalization rate per 100,000 – 5.15. Number two, current new cases – today's number, 4,621. That's on a seven-day average. Number three, percentage of New York City residents who tested positive, seven-day rolling average – today’s report, 8.08%

Governor Cuomo Updates New Yorkers on State Vaccination Program and State's Progress During COVID-19 Pandemic JANUARY 27, 2021

 

As of 11AM today, New York's Health Care Distribution Sites Have Administered 96% of First Doses Received from Federal Government 

Vaccine Dashboard Will Update Daily to Provide Updates on the State's Vaccine Program; Go to ny.gov/vaccinetracker 

 Governor Andrew M. Cuomo today updated New Yorkers on the state's vaccination program. As of 11:00 AM today, New York's health care distribution sites have received 1,304,050 first doses and already administered 96 percent or 1,246,946 first dose vaccinations and 77 percent of first and second doses. The week 7 allocation from the federal government is in the process of being delivered to providers for administration. 

"I'm pleased that President Biden has put forth a plan to fix the mess left by the previous administration, including increasing our vaccine supply by 16 percent in the short term and ramping up production substantially to ensure we have the supply we need for the coming months," Governor Cuomo said. "Remember, until now we've been operating week to week. Now, we know exactly how much supply we're getting for at least the next three weeks. Providers can schedule appointments further out and should continue administering to their assigned priority populations to ensure equity and fairness. It will still take months to vaccinate the entire eligible population but with new leadership in Washington, I'm confident we're headed in the right direction."

7 million New Yorkers are currently eligible to receive the vaccine. The federal government has increased the weekly supply by 16 percent but New York's vast distribution network and large population of eligible individuals still far exceed the supply coming from the federal government. Due to limited supply, New Yorkers are encouraged to remain patient and are advised not to show up at vaccination sites without an appointment.

Vaccination program numbers are for doses distributed and delivered to New York for the state's vaccination program, and do not include those reserved for the federal government's Long Term Care Facility program. A breakdown of the data based on numbers reported to New York State as of 11:00 AM today is as follows: 

STATEWIDE BREAKDOWN

• First Doses Received - 1,304,050
• First Doses Administered - 1,246,946
• Second Doses Received - 564,600
• Second Doses Administered - 186,283

Following Decline in New Case and Hospitalization Rates, Orange Zone Restrictions Lifted Statewide; 5 Yellow Zones Remain in New York City and Newburgh 

Additional Cases of the UK Variant Have Been Found Across New York State, Bringing Total Cases to 42 

8,771 Patient Hospitalizations Statewide

1,558 Patients in the ICU; 1,027 Intubated

Statewide Positivity Rate is 5.44%

170 COVID-19 Deaths in New York State Yesterday

 Governor Andrew M. Cuomo today announced that following a decline in new case and hospitalization rates over the past weeks all orange zone restrictions, and some yellow zone restrictions, have been lifted statewide, with remaining yellow zones in New York City and Newburgh where communities continue to qualify under the state's metrics for yellow zones. In New York City, the Bronx, Queens and Washington Heights remain in yellow zones. Existing statewide restrictions remain in place for areas no longer in orange and yellow zones, including capacity limits for certain businesses and restrictions on mass gatherings.  

The Governor also announced additional cases of the UK variant have been found in Long Island, New York City, Westchester, Saratoga, Tompkins, Niagara, Onondaga, Essex and Warren Counties, bringing the statewide total to 42 cases. 

"New York State has finally reached a point where we are comfortable saying the holiday surge we experienced from November to January has subsided, "Governor Cuomo said. "While our infection and hospitalization rates are on the decline and more vaccines are in our immediate future, this war is not over and we must remain smart. Protecting of our hospitals and their staff remains a top priority and we will continue to do everything we can to ensure these facilities do not become overwhelmed. With more and more vaccines being administered every day and an increase in allotment from the Biden administration, the light at the end of the tunnel is getting brighter, but until it is in full view we must keep doing what we know works - wear a mask, social distance and avoid gatherings." 

Today's data is summarized briefly below: 

• Test Results Reported - 202,661
• Total Positive - 11,028
• Percent Positive - 5.44%
• Patient Hospitalization - 8,771 (-60)
• Patients Newly Admitted - 1,041
• Hospital Counties - 56
• Number ICU - 1,558 (+14)
• Number ICU with Intubation - 1,027 (+21)
• Total Discharges - 124,003 (+909)
• Deaths - 170
• Total Deaths - 34,579

Team Fernandez - Introducing: Nathalia Fernandez for Bronx Borough President

 

 

Nathalia is running for Bronx Borough President to fight for the needs of all Bronxites! As a member of the NYS Assembly, Nathalia has passed bills to eliminate cash bail, provide comprehensive health coverage for all New Yorkers and provide much needed legal protections and aid for tenants around the state. 

During the pandemic, Nathalia has fought every day to ensure members of her community and around The Bronx were protected by leading several food and clothing drives, providing resources for testing facilities, PPE giveaways, and is currently working to ensure an equitable vaccine rollout.

You can learn more about Nathalia's vision for The Bronx here: www.fernandez2021.com/issues

Governor Cuomo Announces Completion of Projects That Restored More Than 127 Miles of Pavement in Capital Region

 

New Road Surfaces Ease Travel and Enhance Safety along Key Travel Routes in Albany, Greene, Rensselaer, Saratoga, Schenectady, Warren and Washington Counties

 Governor Andrew M. Cuomo today announced the completion of pavement restoration projects in the Capital Region that resurfaced and restriped 127.3 miles on 30 state highways in Albany, Greene, Rensselaer, Saratoga, Schenectady, Warren and Washington counties. The projects improved driving conditions and enhanced safety along key connectors for Capital Region travelers, ensuring the smooth flow of people and commerce throughout the region. The work also facilitates access to the Capital Region's many recreation destinations, creating additional opportunities for tourism and increased economic activity. 

"Strong, well-maintained infrastructure isn't only critical in creating safe and reliable roadways for travelers, but it's also an essential part of fueling economic growth," Governor Cuomo said. "As we begin to lay the groundwork for our post-COVID reconstruction, projects like these will allow for more safe and efficient travel across the Capital Region for residents and visitors alike."

Work on the first of the projects began in 2019 and pavement restoration efforts continued throughout the 2020 construction season. All total, the projects represented a $45.3 million investment in Capital Region roads. 

Paving in Albany County took place at the following locations:

• 1.8 miles of U.S. Route 9W in Glenmont in the town of Bethlehem between Feura Bush Road and the bridge over the Normans Kill.
• 1.9 miles of Wolf Road in the village and town of Colonie between Central Avenue and Albany Shaker Road.
• 4.5 miles of Interstate 787 between Exit 3B and Exit 7 in the city of Albany, the village of Menands and the town of Colonie.
• 2.2 miles of Carman Road (State Route 146) in the town of Guilderland between Western Avenue (U.S. Route 20) and Coons Road and Fuller Station Road.
• 4.8 miles of U.S. Route 9 in the city of Albany and town of Colonie between Northern Boulevard and Kunker Avenue.
• 1.0 mile of State Route 85 in the town of New Scotland between the western intersection of State Route 85A in New Salem and State Route 157.
• 3.8 miles of State Route 32 in the towns of Westerlo and Coeymans between State Route 143 and County Route 406.
• 3.1 miles of State Route 397 in the village of Altamont and the town of Guilderland between Lincoln Avenue and U.S. Route 20.
• 3.7 miles of State Route 157A (Warners Lake Road) in the towns of Knox and Berne between State Route 157 and the southern intersection with Thatcher Park Road.

Paving in Greene County took place at the following locations:

• 2.9 miles of State Route 296 in the towns of Hunter and Jewett between State Route 23A and the bridge over the East Kill.
• 6.0 miles of U.S. Route 9W in the village and town of Catskill between the Ulster County line and Route 23A.
• 1.5 miles of State Route 385 in the village of Catskill between U.S. Route 9W and State Route 23.
• 4.0 miles of State Route 23A in the village of Tannersville and town of Hunter between Mitchell Road and east of Wingate Road.
• 2.9 miles of State Route 23A in in the village and town of Catskill between U.S. Route 9W and the Kaaterskill Creek.

Paving in Rensselaer County took place at the following locations:

• 5.8 miles of State Route 2 in the town of Petersburgh between Route 22 and the state line with Massachusetts.
• 3.8 miles of State Route 150 in the town of Schodack and the village of Castleton-on-Hudson between Columbia Turnpike (U.S. Routes 9 and 20) in Schodack Center and the bridge over the Moordener Kill.
• 10.1 miles of State Route 43 in the towns of Sand Lake, Nassau and Stephentown between State Route 351 and Shepard Road.
• 2.6 miles of State Route 136 in the Town of North Greenbush between U.S. Route 4 and State Route 150
• 0.7 mile of State Route 40 (Main Street) in the village of Schaghticoke between 4th Street and State Route 67/County Route 125.
• 6.6 miles of Route 67 in the village and town of Schaghticoke, the village of Valley Falls and the town of Pittstown between State Route 40 and Hunt Road. 

Paving in Saratoga County took place at the following locations:

• 7.2 miles of State Route 9N in the city of Saratoga Springs and the town of Greenfield between Myrtle Street and the intersection with County Routes 19 and 25.
• 6.6 miles of the Adirondack Northway (I-87) between Exit 11 and Exit 13 in the village of Round Lake, town of Malta and the city of Saratoga Springs.
• 4.1 miles of State Route 9P in the towns of Malta and Stillwater between U.S. Route 9 and State Route 423
• 2.5 miles of State Route 9P in the town of Saratoga from Spruce Ridge to the Saratoga County Veterans Memorial Bridge at the north end of Saratoga Lake. 

Paving in Schenectady County took place at the following locations:

• 3.9 miles of Western Turnpike (U.S. Route 20) in Duanesburg between the Schoharie County line and Mudge Road.
• 3.5 miles of State Route 406 in Rotterdam between U.S. Route 20 and State Route 158.

Paving in Warren County took place at the following locations:

• 1.9 miles of State Route 9L in the town of Queensbury between Sunnyside Road and Clements Road.
• 9.2 miles of State Route 9N in the town and village of Lake George and the hamlet of Bolton Landing in the town of Bolton between the north end of Canada Street (U.S. Route 9) and Sacrement Lane.

Paving in Washington County took place at the following locations:

• 5.7 miles of State Route 149 in the towns of Hartford and Granville between State Route 40 and County Route 28 in South Granville
• 9.0 miles of State Route 196 in the towns of Kingsbury and Hartford between State Route 32 and State Route 40

State Department of Transportation Commissioner Marie Therese Dominguez said, "Governor Cuomo understands the important role that transportation plays in creating vibrant communities and has made unprecedented investments in roads and bridges across the Empire State. These projects will help ensure that Capital Region residents and visitors will travel on a reliable, safe, and resilient transportation system, from the southern Capital Region to Bolton Landing." 

Senator Neil D. Breslin said, "Thank you to the Department of Transportation's commitment to restoring over a hundred miles of pavement in the Capital Region. This improvement will make road conditions much smoother for our vehicles." 

Senator Michelle Hinchey said, “I thank Governor Cuomo and New York State DOT for their commitment to prioritizing these investments in our aging local infrastructure, which are in great need of repair. Resurfacing projects on high-use roads like these are important to public safety, tourism, and to ensure that our businesses can keep commerce moving here in the Capital Region. As we look to build our economies back from this pandemic, these are the types of investments we need to strengthen and support our upstate communities.”

Senator Daphne Jordan said, "Making certain that our roadways are safer, stronger, and more reliable for motorists is always a priority, this year and every year. The fact that pavement restoration projects were completed on 127.3 miles on 30 state highways in Rensselaer, Saratoga, Washington, and other Capital Region counties is terrific news. I want to thank Governor Cuomo, State Transportation Commissioner Dominguez, and the hard-work and dedication of their teams that made these pavement restorations a reality."

Senator Dan Stec said, "Representing a beautiful region that each year welcomes millions of tourists, the value of making the right first impression cannot be overstated. A well-maintained roadway reflects our commitment as a state to making travel a little easier and certainly safer. For people pulling campers or boats, this is really important. I am glad to join Governor Cuomo and our dedicated DOT staff in making this announcement."

Senator Jim Tedisco said, “These are important roadways for residents and visitors to the 49thSenate District. I want to thank the Governor and New York State DOT Commissioner Dominguez for their work to enhance the safety of motorists by repaving and restriping these roads in Saratoga and Schenectady Counties.”

Assembly Member Jake Ashby said, "This project has marked much welcomed progress toward upgrading our local infrastructure. Many of these restored roads have gone years without improvement, causing a multitude of hardships for our local communities. I am very pleased with the completion of this project and am confident that this is the beginning of a recommitted focus on our local infrastructure." 

Assembly Member Patricia Fahy said, "Ensuring we have a safe and robust transportation network is vital to the Capital Region's economy and intra-regional commerce. State highways are particularly essential to the commercial transportation of goods on our roadways and travel between our communities. Included in these projects were portions of the Town of Bethlehem's State Route 9W, New Scotland's State Route 85, and Guilderland's heavily-traveled thoroughfares State Routes 146 and 397. I thank Governor Cuomo for his continued investment in the Capital Region's communities and commitment to maintaining a safe and smart 21st Century-transportation network."

Assembly Member John T. McDonald III said, "The completion of these pavement restoration projects in the Capital Region are yet another commitment to maintaining infrastructure throughout the State. These projects are not only important for the quality of life for our citizens, but also for the ongoing growth of our area. I appreciate Governor Cuomo and NYSDOT's continued efforts to ensure safe means of travel for our communities."

Assembly Member Angelo Santabarbara said, "Although these are challenging times, addressing critical infrastructure needs remain important to the success of our upstate communities. Reliable roads and well-maintained bridges are vital to economic development and our way of life. As a civil engineer, I know how failing infrastructure can cause more damage over time, affect more people and cost everyone more. Now more than ever we need creative solutions that help us continue rebuilding New York's aging infrastructure. These smart investments are important to local businesses and will pay off as we continue working to rebuild our economy." 

Assembly Member Matthew Simpson said, "The completion of 127 miles of newly-paved roadway in the Capital Region is great news for our residents. Good roads keep our motorists safe. Safer roads will also make our region more attractive to private sector investors who create good jobs. I look forward to working with the Department of Transportation during my time in Albany as we work to modernize our infrastructure." 

Assembly Member Chris Tague said, "I am glad to see this important road work has been completed on these critical projects, resurfacing almost 130 miles of pavement across over 30 state highways in upstate New York. I want to thank everybody at the Department of Transportation for their hard work completing this restoration. It will ensure safe travel throughout the area for years to come and for that we can all be grateful."

Assembly Member Carrie Woerner said, "Investment in maintaining and improving our road infrastructure is key to driver safety and auto/truck efficiency.  I thank Governor Cuomo for his focus on transportation infrastructure and I look forward to working in this budget season to continue this investment.

Alessandra Biaggi, Why I'm supporting Scott Stringer for mayor - With My Answer to Senator Biaggi and Photo Why

 

Robert Press —

In just a moment, I am going to ask you to make a donation to Scott Stringer’s campaign to become the next mayor of New York City. But first, I want to explain why I endorsed Scott, and why this request is so important:

New York City is the greatest city in the world, but one in dire need of new leadership. We need a mayor who is not only progressive, but also competent. A mayor unafraid to speak the truth and who has the emotional intelligence needed to communicate and lead our people during this difficult time. That is Scott Stringer.

We need a competent mayor who's ready to run the city, with a proven record of reform, who won’t shy away from the tough fights. That is Scott Stringer.

As many of you know, standing up for survivors rights and those who have faced sexual abuse and harassment is something I fight for every day. We deserve a leader who does the same, and has been doing so since before the Me Too movement. That is Scott Stringer.

I could not be more excited or proud to share my support for Scott. I truly believe he is the mayor New York City needs to lead us out of this COVID crisis and into the next chapter of our city’s great history.

Thank you,

All my best,

Alessandra Biaggi

Senator Alessandra Biaggi,

I tried to ask you a question about the two proposed homeless shelters in Community Board 11 (in your district) this past Saturday at an event in Riverdale, when you said "No I did not say No comment, call my office to schedule an appointment".

I have called twice and once again as I write this and left a third message on your voicemail twice to your media person and once to your scheduler to request to talk to you as you instructed me. 

I took the donation and join you to support parts out of your letter Senator Biaggi, and here is a photo of the reason you are endorsing Scott Stringer.

Robert Press.

Cryptocurrency Trader Charged In Manhattan Federal Court With Fraudulent Scheme Involving Over $5 Million

 

 AUDREY STRAUSS, the United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced the unsealing of a Complaint in Manhattan federal court charging JEREMY SPENCE, a/k/a “Coin Signals,” a cryptocurrency trader who solicited funds for various cryptocurrency funds that he operated, with commodities fraud and wire fraud offenses.  As alleged, SPENCE took cryptocurrency worth over $5 million from more than 170 individual investors after making false representations in connection with these cryptocurrency funds. SPENCE was arrested this morning in Rhode Island and will be presented later today before Magistrate Judge Patricia A. Sullivan in the U.S. District Court for the District of Rhode Island.

Manhattan U.S. Attorney Audrey Strauss said:  “Jeremy Spence, a/k/a, ‘Coin Signals,’ allegedly lured investors  to his cryptocurrency investment scam by touting returns of up to 148%.  Spence’s investments not only failed to reach his audacious claims, they consistently lost money, leaving a $5 million void in his clients’ crypto accounts. Spence’s alleged conduct should strongly signal would-be investors to thoroughly educate themselves in the cryptocurrency ecosystem before falling prey to investment scams promising huge returns for small investments that are indeed too good to be true.”

FBI Assistant Director-in-Charge Sweeney said:  “As alleged, Jeremy Spence misrepresented the success of his investment platform in order to entice people to send money his way. Because his trading was less than profitable and significantly less successful than he represented to investors, he used money from new investors to pay off others in order to keep his plan moving—a  typical marker of a Ponzi scheme. Whether investing with cash, shares, or virtual currency, our advice to investors always remains the same—exercise due diligence, and when something just doesn’t seem right, report suspicious activity to the authorities.”

As alleged in the Complaint unsealed today in Manhattan federal court:[1]

From November 2017 through April 2019, SPENCE solicited investors in various cryptocurrency investment pools that SPENCE had created and managed (the “Funds”). SPENCE solicited investments for several Funds, the largest and most active of which were the Coin Signals Bitmex Fund, a/k/a the “CS Mex Fund,” the Coin Signals Alternative Fund, a/k/a the “CS Alt Fund,” and the Coin Signals Long Term Fund. Investors who wanted to participate in a Fund would transfer cryptocurrency, such as Bitcoin and Ethereum, to SPENCE in order for SPENCE to invest it. 

SPENCE solicited these investments through false representations, including that SPENCE’s crypto trading had been extremely profitable when, in fact, SPENCE’s trading had been consistently unprofitable.  For example, on January 28, 2018, SPENCE posted a message in an online chat group falsely claiming that his trading of investor funds over the past month had generated a return of more than 148%. As a result of this misrepresentation, investors transferred additional funds to SPENCE. In fact, over that same period of approximately one month, SPENCE’s trading resulted in net losses in the accounts in which he traded investor funds.

To forestall redemptions by investors, and to continue to raise money from investors to fund his scheme, SPENCE generated fictitious account balances, which he made available to investors online. Instead of accurately reporting the trading losses SPENCE was incurring, the account balances falsely indicated to investors that they were making money by investing with SPENCE. To hide his trading losses, SPENCE used new investor funds to pay back other investors in a Ponzi-like fashion. In total, SPENCE distributed cryptocurrency worth approximately $2 million to investors substantially from funds previously deposited by other investors. 

SPENCE, 24, of Bristol, Rhode Island, is charged with one count of commodities fraud, which carries a maximum sentence of 10 years in prison, and one count of wire fraud, which carries a maximum sentence of 20 years in prison.  The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

Ms. Strauss praised the investigative work of the Federal Bureau of Investigation and also thanked the Commodity Futures Trading Commission for its assistance. 

This case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorney Christine Magdo is in charge of the prosecution. 

[1] As the introductory phrase signifies, the entirety of the text of the Complaint, and the description of the Complaint set forth herein, constitute only allegations, and every fact described should be treated as an allegation.