No products in the cart.
- Latest
- Trending
ADVERTISEMENT
The founder of a cryptocurrency settlement company has been convicted of deceiving investors from millions of dollars.
According to the new Ministry of Justice (DOJ) press release Randall Crater, the founder of cryptocurrency company My BigCoin, was found guilty of implementing a $ 6 million digital asset scheme.
According to DOJ, Crater has My Big Coin’s assets backed by $ 300 million in gold, oil and other valuable assets, and crypto companies have a marquee partnership with global credit card giant Mastercard. He insisted and lied to the customer.
Crater then used the company’s investment funds to buy hundreds of thousands of dollars worth of luxury goods himself.
“Promulgated by the crater [his] Misrepresentation via social media, internet, email, text messages. In reality, coins weren’t backed by gold or other valuable assets, had no partnership with MasterCard, and couldn’t be easily transferred.
In the process of planning, Crater abused more than $ 6 million in investor funds for his own personal gain, including spending hundreds of thousands of dollars on antiques, artwork and jewelry. ”
Crater and his company were first charged with crime in January 2018 by the Commodity Futures Trading Commission.
According to a press release, Crater has been convicted of four wire frauds and three money launderings. According to the DOJ, each wire fraud count can be sentenced to up to 20 years in prison, and each money laundering count can be sentenced to up to 10 years in prison.
The caterer will be sentenced on October 27th.
