My Big Coin Founder, Randall Crater Sentenced for Fraud
The U.S. attorney’s office on Wednesday reported that the convicted founder of “My Big Coin,” Randall Crater has been sentenced to over eight (8) years in jail with charges of marketing and selling fraudulent virtual assets and running an unlicensed exchange. The 52-year-old founder will as well serve a three-year supervised release, according to a Boston federal court.
My Big Coin is a cryptocurrency and exchange platform, and in July its founder, Crater was convicted for exploiting over $6 million from investors. Before he was convicted in July for wire fraud and money laundering, he was charged by the Commodity Futures Trading Commission in 2018.
Further, My Big Coin, is a fraudulent digital currency Crater’s firm marketed in 2014 through 2017 and was used by the firm in offering virtual payment services. The fraudulent acts resulted in investors losing over $6 million.
Randall Crater leveraged the crypto market buzz at the time of the fraud to create an untrue picture of My Big Coin, then exploited investors when they were looking to make profits. The U.S. attorney in his statement said that Crater “saw the growing crypto marketplace as an opportunity to create the illusion of My Big Coin as a legitimate service from which investors would yield a profit. His lies and deception inflicted real trauma, pain, and hardship on the lives of 55 individual victims and their families who funneled their money into bank accounts.”
Crater and his firm claimed that My Big Coin was backed by $300 million in gold, oil, and in other valuable assets, hence, posed My Big Coin as a functioning cryptocurrency.
Other claims by Crater and his firm include falsely telling investors that the company had a partnership deal with the notable payment firm, Mastercard, and also that My Big Coin is tradable for fiat or other virtual currencies.
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