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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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US Court Fines This Altcoin and Its Managers 26 Million Dollar!
In the US, before Donald Trump, many altcoins and cryptocurrency companies were sued by the SEC and CFTC. After Trump, many lawsuits ended, while one more lawsuit has concluded.
However, in this case, the court fined the cryptocurrency and virtual payment services company My Big Coin approximately 26 million dollars.
Accordingly, the Massachusetts federal court judge ordered My Big Coin to pay $25.8 million to the CFTC due to cryptocurrency fraud.
According to the court ruling, My Big Coin company and its executives Mark Gillespie and John Roche were ordered to pay $19.32 million in administrative fines and $6.44 million to the investors who were allegedly defrauded.
Additionally, Judge Gillespie prohibited Roche and its companies from participating in markets under the jurisdiction of the CFTC or engaging in any other activities related to the market.
The CFTC stated the following in its official announcement and warned investors about the lack of funds.
"The defendants obtained over 6 million dollars through fraudulent claims from at least 28 customers, including false and misleading claims and omissions regarding the value, use, and trading status of MBC, and the fact that MBC is backed by gold."
Crater misappropriated almost all of the funds requested by customers and used these misappropriated funds unjustly.
CFTC warns that orders requiring the funds to be returned to victims may not result in the recovery of lost money, as criminals may not have sufficient funds or assets.”
What Happened?
The CFTC alleged that Gillespie, Roche, and another operator, Michael Kruger, defrauded investors through My Big Coin (MBC) between January 2014 and June 2017, deceiving at least 28 investors out of more than 6 million dollars.
The CFTC had also filed a lawsuit against Michael Kruger, one of the executives, but this lawsuit was dropped due to Kruger's death.
*This is not investment advice.
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