• My Big Coin founder Randall Crater has been sentenced to 100 months in jail and $7.6 million in fines for committing wire fraud and unlawful monetary transactions.
• The scheme defrauded investors through marketing and selling fraudulent virtual currency called My Big Coins.
• United States Attorney Rachael S. Rollins said that Mr. Crater’s deceitful ways brought pain, trauma, and hardships to the lives of victims who funneled their finances into bank accounts controlled by him.
My Big Coin Fraud
My Big Coin founder Randall Crater has been found guilty of committing wired fraud and unlawful monetary transactions. He is sentenced to 100 months in jail and $7.6 million in fines for his actions.
Crater established My Big Coin Pay Inc., a virtual payment services and cryptocurrency firm based in Las Vegas, Nevada, which offered virtual payment services using a fraudulent digital currency known as My Big Coins. He falsely claimed that the coin was backed by over $300 million in oil, gold, and other valuable commodities, as well as misrepresenting partnerships with MasterCard which allowed holders to easily exchange the cryptocurrency for fiat currency or other virtual currencies.
The Commodity Futures Trading Commission flagged My Big Coins as a fraud in 2018 and filed civil charges against Crater and his associates. Over 55 investors were deceived by this scheme, resulting in losses of over $7.5 million dollars being funneled into bank accounts controlled by Mr Crater causing pain, trauma, and hardships to these people’s lives and their families’.
The US District Court Judge Denise J Casper sentenced Crater to 100 months in jail and three years of supervised release alongside a penalty of $7668 317 along with restitution yet to be determined later on . In addition he was found guilty of three counts of unlawful monetary transactions four counts of wire fraud one count unlawfully operating an unlicensed money transmission business .
Mr Crate took advantage of the growing crypto market to perpetuate his brazen fraud scheme taking away money from innocent people who believed they were investing into something legitimate . This ruling serves justice not only for those affected but also serves as warning towards others who may think about similar schemes endangering public safety