This crypto fraudster will spend eight years in prison
With lies and half-truths about his own cryptocurrency 'My Big Coin,' Randall Crater defrauded customers of millions.
With lies and half-truths about his own cryptocurrency "My Big Coin," Randall Crater defrauded customers of millions of dollars. For this, the entrepreneur now faces over eight years in prison.
The judge of the U.S. District Court in Massachusetts, Denise Casper, has also ordered Crater to pay millions in damages to the victims of his misleading program. Crater misled investors by claiming, among other things, that "My Big Coin" was a real cryptocurrency backed by gold and that it had a partnership with Mastercard.
The company, which was marketed to the public as a crypto-services provider, was founded in 2013 and helped Crater skim about $7.6 million from victims. Crater invested a sizable portion of the money in luxury items such as homes, sports cars, antiques, and jewelry.
"His lies and deceit caused real trauma, pain, and misery in the lives of 55 individual victims and their families who deposited their money into bank accounts that Mr. Crater controlled and used to fund his extravagant lifestyle," said U.S. Attorney Rachael Rollins. After serving his sentence, Crater will be placed under three years of supervision.
