CFTC Files Third Cryptocurrency Fraud Suit in Just One Week

Amidst the astronomic rise in cryptocurrency’s popularity, the Commodity Futures Trading Commission (CFTC) has uncovered numerous cryptocurrency scams that have fleeced unsuspecting investors of millions of dollars. Just yesterday, the CFTC filed its third cryptocurrency fraud suit in one-week against a company named My Big Coin Pay Inc. and its founder Randall Crater.

My Big Coin Pay allegedly defrauded 28 investors out of $6 million over three years.

The CFTC alleges that My Big Coin Pay, Inc. bilked 28 investors out of $6 million from 2014 through 2017. The company marketed its cryptocurrency – My Big Coin – all over social media and YouTube as being as widely accepted as MasterCard, that it was backed by gold, and that there was a market for it. Unfortunately for investors, none of that was true.

In fact, the CFTC alleges that My Big Coin was never traded on any major exchange and that its prices were made up. Instead of using the money for its stated purpose, Randall Crater sent investors’ funds to family members who used the money to buy jewelry, a house, fine art, and other personal items. Moreover, investors who actually received any returns on their investments were allegedly paid with monies obtained from other investors in a Ponzi like manner.

If you have suffered significant financial losses from investing in a cryptocurrency scheme, the lawyers of the Business Trial Group may be able to help. With the resources of the largest contingency-fee law firm in the country, our clients pay no upfront fees or retainers, and we only receive a fee if we successfully recover compensation on your behalf.

For a no cost and no obligation review of your investment losses, please call us at (877) 599 3102 or fill out our case review form.