The Commodity Futures Exchange Commission filed lawsuits against two people and one company in connection with their participation in fraudulent crypto projects. This is reported by CoinDesk.
The Commission accused Randall Creter, Mark Gillespie and My Big Coin Pay, Inc. in the receipt of funds from customers and their subsequent transfer to their personal accounts. The defendants are said to have spent these funds "on personal expenses and the purchase of luxury goods."
According to the CFTC, the defendants illegally seized more than $ 6 million in the period from 2014 to 2018. Respondents are also accused of falsifying information about the project, including statements that the company was provided with a gold reserve, and its partner was MasterCard.
The My Big Coin website offers many crypto-currency services, including the ability to purchase, sell and mine the My Big Coin cryptocurrency. The site's blog has not been updated since June 2017.
As this case shows, the CFTC is actively policing the virtual currency markets and will vigorously enforce the anti-fraud provisions of the Commodity Exchange Act. In addition to harming customers, fraud in connection with virtual currencies inhibits potentially market-enhancing developments in this area.
Enforcement director, CFTC
The lawsuit was filed January 16, along with two other lawsuits against cryptocurrency crooks.