mybigcoinpay scam lawsuit cftc

My Big Coin Pay Scam Coin Founders Charged By CFTC

The United States Commodity Futures Commission have officially filed charges against scam coin My Big Coin Pay (MBC)’s founders for commodity fraud and misappropriation related to the ongoing solicitation of customers. Randall Crater and Mark Gillespie started My Big Coin Inc in 2014, creating the My Big Coin Pay (MBCP) coin which would act as a virtual currency much like the similar name and more well known bitcoin.

To experienced investors My Big Coin had blatant red flags from the beginning. The MBC project boasted many false claims like MBCP being backed by gold. There were also many announcements of fake partnerships in order to pump the price, like MBCP partnering with Mastercard and being accepted anywhere Mastercard is.





The Complaint filed by CFTC alleges Crater and Gillespie solicited customers by making false and misleading claims and ommisions about MBC’s value, usage, and backing. False information was misrepresented to user’s of the My Big Coin website which gave up-to-date price updates on MBCP for several exchanges, when in reality MBCP was not being actively traded. Fluctuation’s in price made the coin appear to have volume and be constantly on the rise, when all prices displayed were manually entered by the My Big Coin team.

Any payouts made were not legitimate backed withdrawals but derived from other customers, ie: Ponzi scheme. The CFTC estimate total damages in the time frame of 4 years accumulated to over $6 million USD.

randallcratercrypto
Defendant Randall Crater

A large portion of profits as told by the CFTC, were proven to been transferred to both defendant’s personal bank accounts. Large transactions were also made by Crater’s wife for a $645,000 house in Florida, $339,689 spent in a Southampton jewelry store, and $517,719 spent at fine art and antique auctions.

The futures commission was scheduled to argue that a preliminary injunction against the defendants be issued by the court but has been postponed due to the defendant’s attorney Ray E. Chandler being sick. The court case has been rescheduled to March 15th.

The CFTC has issued a Customer Advisory on the Risks of Virtual Currency Trading to inform the public of possible risks associated with investing in cryptocurrencies.

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