The Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the District of Massachusetts entered a final default judgment against Mark Gillespie, John Roche, My Big Coin Pay, Inc., and My Big Coin, Inc. The order requires joint and several payment of a USD 19,326,324 civil monetary penalty and USD 6,442,108 in restitution to victims, and imposes a permanent injunction including bans on trading in CFTC-regulated markets, transacting in commodity interests or digital asset commodities, and registering with the CFTC. The default order found that, from at least January 2014 through June 2017, the defendants and co-defendant Randall Crater operated a scheme fraudulently offering the sale of My Big Coin (MBC), described as a fully functioning virtual currency and a commodity in interstate commerce. The scheme raised more than USD 6 million from at least 28 customers through false and misleading claims and omissions about MBC’s value, usage, and trade status, including that it was backed by gold, and the order resolves the CFTC’s claims against Gillespie, Roche, and the two My Big Coin entities. The CFTC previously resolved its claims against Crater by consent order, and dismissed its action against co-defendant Michael Kruger due to his death.

Original source View in tracker