My Big Coin Operators Fined $25.8 Million for Crypto Fraud

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Crypto Scammers Get Fined: Who Knew Fraud Could Cost So Much? 💸😱

So, in a plot twist that even a daytime soap opera would find too dramatic, a court in Massachusetts has decided to slap the folks behind My Big Coin with a hefty bill of almost $25.8 million. That’s right, folks! The Commodity Futures Trading Commission (CFTC) is cashing in on this crypto catastrophe. Who knew that pretending to be a financial wizard could lead to such a financial hangover? 🍹

And let’s not forget our leading men in this tragicomedy: Mark Gillespie and John Roche. These two masterminds of deception have been ordered to cough up $19.32 million in fines, plus an extra $6.44 million to pay back the 28 investors they duped. I mean, if you’re going to commit fraud, at least make it a little more glamorous, right? 💁‍♀️

According to the court’s gossip column, this whole charade went down between January 2014 and June 2017. Gillespie, Roche, and their partner in crime, Randall Crater, convinced people that My Big Coin (MBC) was backed by gold and was basically the next Bitcoin. Spoiler alert: it wasn’t. They managed to swindle over $6 million from unsuspecting victims. Talk about a bad investment! 💔

Now, thanks to the court’s decision, our dynamic duo and their companies are banned from any market activities overseen by the CFTC. And as for Michael Kruger, the fourth musketeer? Well, he’s out of the picture—permanently. Guess he took “going out with a bang” a little too literally. 💥

The CFTC has made it clear: these guys were selling snake oil in the form of cryptocurrency, and now they have to pay the piper. Randall Crater, who was found guilty of wire fraud and running an illegal money operation, is currently enjoying a cozy eight-year stay in prison. His lawyers tried to pull a fast one with an appeal, but the higher court was like, “Nice try, but no.” 🙅‍♂️

And here’s the kicker: the CFTC warns that the victims might not see all their money again because, surprise surprise, the scammers might not have enough cash or assets to cover their debts. So, if you’re thinking about investing in the next big thing, maybe check if it’s actually a thing first. Just a thought! 🤔

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2025-06-13 16:07