In 2019, founder and operator of “My Big Coin,” Randall Crater, was convicted for his role in a multistate scam netting more than $6 million from individuals who were led to believe that they were investing in a fully integrated, operational and legitimate virtual currency.
Crater and other accomplices misrepresented the value, usage, and trade status of the fraudulent cryptocurrency, inducing victims to invest in the project with false promises of huge returns.
The conviction was appealed, but the United States Court of Appeals for the First Circuit affirmed the original judgment, upholding Crater’s conviction.
This ruling reiterates to the public the importance of the courts in protecting individuals from fraudulent investments and scams. It also underscores the need for potential investors to be cautious and do comprehensive research before investing, especially in high-risk sectors like cryptocurrencies.
Fraud Conviction of ‘My Big Coin’ Founder Randall Crater Upheld on Appeal
In 2019, founder and operator of “My Big Coin,” Randall Crater, was convicted for his role in a multistate scam netting more than $6 million from individuals who were led to believe that they were investing in a fully integrated, operational and legitimate virtual currency.
Crater and other accomplices misrepresented the value, usage, and trade status of the fraudulent cryptocurrency, inducing victims to invest in the project with false promises of huge returns.
The conviction was appealed, but the United States Court of Appeals for the First Circuit affirmed the original judgment, upholding Crater’s conviction.
This ruling reiterates to the public the importance of the courts in protecting individuals from fraudulent investments and scams. It also underscores the need for potential investors to be cautious and do comprehensive research before investing, especially in high-risk sectors like cryptocurrencies.
