TechFlow news, June 13 — According to Bitcoin.com news, a federal court in Massachusetts has issued a final ruling in the My Big Coin cryptocurrency fraud case, ordering the defendants to jointly pay $19.326 million in civil penalties and $6.442 million in restitution to victims.
The defendants include Mark Gillespie from Michigan, John Roche from California, and two Nevada-based companies: My Big Coin Pay Inc. and My Big Coin Inc. The court found that they falsely marketed My Big Coin (MBC) as a legitimate, gold-backed cryptocurrency between 2014 and 2017, claims which were entirely fabricated.
The fraud caused at least 28 individual investors to lose over $6 million in total. Key conspirator Randall Crater has already been convicted and sentenced to 100 months in prison. The CFTC warned that recovery of funds for victims remains uncertain due to the defendants' likely insufficient assets.
