My Big Coin Founder Sentenced To Over 8 Years In Prison For Million-Dollar Fraud

Key Points:

• My Big Coin founder Randall Crater was sentenced to 8 years and 4 months in prison for fraud through an unlicensed cryptocurrency exchange.
• Crater embezzled investor funds for personal gain, including spending hundreds of thousands of dollars on antiques, artwork, and jewelry.
• Randall Crater scammed dozens of victims and made more than $7.5 million.

According to an official press release from the U.S. Department of Justice, Judge Denise J. Casper of Boston Federal Court sentenced My Big Coin founder Randall Crater to 100 months (8 years 4 months) in prison. Caretaker and three years in jail, charged with marketing and selling fraudulent virtual currency and operating an unlicensed cryptocurrency exchange. The Crater was also ordered to pay a fine of $7,668,317, an amount to be determined later.

Crater’s company offered virtual payments through a fraudulent digital currency called “My Big Coins,” sold to investors between 2014 and 2017, according to court documents and trial evidence.

“For nearly four years, Mr. Crater perpetrated a brazen fraud scheme that preyed on investors and customers who put their faith in him and his fake business, resulting in victim losses of over $7.5 million. He saw the growing crypto marketplace as an opportunity to create the lies and deception of real trauma, pain, and hardship on the lives of 55 individual victims and their families who funneled their money into bank accounts Mr. Crater controlled and used to finance his extravagant lifestyle,”

United States Attorney Rachael S. Rollins said.

Crater embezzled investor funds for personal gain, including spending hundreds of thousands of dollars on antiques, artwork, and jewelry. U.S. prosecutors said: “For nearly four years, Mr. Crater ran a blatant fraud scheme to defraud investors and customers who had trusted him and had no business with his real life, costing his victims more than $7.5 million.”

In July 2022, Crater was found guilty by a federal jury of four counts of wire fraud, three counts of illegal money transactions, and one count of operating an unlicensed money transfer business.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News