According to Deep Tide TechFlow news on June 13, the Commodity Futures Trading Commission (CFTC) reported that a federal court in Massachusetts issued a final judgment in the My Big Coin Crypto Assets fraud case, ordering the parties involved to collectively pay a fine of $19.326 million and $6.442 million in victim compensation.
The defendants include Mark Gillespie from Michigan, John Roche from California, and two companies from Nevada, My Big Coin Pay Inc. and My Big Coin Inc. The court found that they falsely promoted My Big Coin (MBC) as a legitimate Crypto Asset backed by gold between 2014 and 2017, when in fact these claims were completely fabricated.
Fraudulent activities have resulted in losses exceeding $6 million for at least 28 individual investors. The main conspirator, Randall Crater, has been convicted and sentenced to 100 months in prison. The CFTC warns that due to the defendants possibly lacking sufficient resources, the recovery of victim funds is uncertain.
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