CFTC announces final judgment on My Big Coin encryption fraud case: parties involved fined $25 million

According to the Gate News bot, Bitcoin News reported that the Commodity Futures Trading Commission (CFTC) recently announced a final default judgment by the federal court in Massachusetts on the My Big Coin encryption fraud case.

The court ruled that Mark Gillespie, John Roche, and their controlled entities My Big Coin Pay Inc and My Big Coin Inc are jointly liable for approximately $19.32 million in civil penalties and $6.44 million in damages.

The case originated from the period between 2014 and 2017, during which the parties involved used fake "gold backing" as a gimmick to deceive 28 investors and illegally obtain over 6 million dollars in funds. The main responsible person, Randall Crater, has been sentenced to 100 months in prison. The CFTC stated that asset recovery efforts are still ongoing.

Source of information: Bitcoin News

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