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CFTC charges executives for ongoing virtual currency scam

Joe Mont | January 25, 2018

The Commodity Futures Trading Commission this week announced charges regarding commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin.

The CFTC’s complaint charges Defendants Randall Crater of East Hampton, New York, Mark Gillespie of Hartland, Michigan, and My Big Coin Pay, Inc., a corporation based in Las Vegas, Nevada, with misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.

On Jan. 16, 2018, Judge Rya Zobel of the U.S. District Court for the District of Massachusetts, issued a restraining order, under seal, freezing the Defendants’ assets. The order also freezes the assets of Relief Defendants Kimberly Renee Benge, Kimberly Renee Benge, doing business as...

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