INSUBCONTINENT EXCLUSIVE:
The alleged operators of My Big Coin have been ordered to pay around $25.8 million in fines to the Commodity Futures Trading Commission for
their roles in the crypto scheme.The CFTC said on Wednesday that a Massachusetts federal court judge entered a default judgment ordering My
Big Coin Pay, Inc., My Big Coin, Inc., and its executives, Mark Gillespie and John Roche, to pay $19.32 million in civil monetary penalties
and $6.44 million to investors they allegedly defrauded.Gillespie, Roche and the companies were also barred from participating in markets or
conducting any other market-related activities that fall under the jurisdiction of the CFTC.My Big Coin defrauded $6 million, CFTC says.The
CFTC claimed Gillespie, Roche, and another operator, Randall Crater, solicited investors through My Big Coin (MBC) from January 2014 to June
ordered Crater to pay $7.6 million to investors he allegedly defrauded.In February 2024, an appellate court denied Crater a new trial, as
his legal team had stated that the court had violated his Sixth Amendment rights.On Jan
31, 2023, Crater was sentenced to over eight years in prison after he was convicted in July 2022 by a grand jury for four counts of wire
fraud, three counts of unlawful monetary transactions and one count of operating an unlicensed money-transmitting business.Magazine: China
threatened by US stablecoins, G7 urged to tackle Lazarus Group
