Heathrow, Florida resident Randall Crater has been ordered to pay over $7.6 million in restitution for running a fraudulent digital asset scheme, according to a consent order entered by the U.S. District Court for the District of Massachusetts on February 10, 2025.
The Commodity Futures Trading Commission (CFTC) brought the enforcement action against Crater, alleging he fraudulently offered and sold “My Big Coin” (MBC), a virtual currency, between January 2014 and January 2018. The CFTC determined MBC was a commodity in interstate commerce.
Crater and co-defendants allegedly made false and misleading claims about MBC’s value, usability, and trading status, falsely stating it was backed by gold. Through these fraudulent solicitations, Crater obtained over $7.6 million from at least 28 customers. The funds were then misappropriated for personal expenses, including a home, antiques, fine art, jewelry, and other luxury goods.
The consent order permanently bans Crater from trading in CFTC-regulated markets, transacting in commodity interests or digital asset commodities, and registering with the CFTC. Any restitution payments made in this case will be credited towards the $7.6 million restitution order issued in a parallel criminal case.
In January 2022, a grand jury indicted Crater on charges of wire fraud, unlawful monetary transactions, and operating an unlicensed money transmitting business. He was found guilty on all counts in July 2022 and sentenced to over eight years in prison. He was also ordered to forfeit $7.6 million, representing the proceeds of his illegal activity.
The CFTC’s investigation remains ongoing against co-defendants Mark Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., John Roche, and Michael Kruger. The CFTC cautions that victims may not fully recover their losses due to potential limitations in the defendants’ assets.
The CFTC worked in conjunction with the U.S. Attorney’s Office for the District of Massachusetts, the U.S. Department of Justice Criminal Division’s Fraud Section, and the FBI on this case.
Source: CFTC.gov
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