Randall Crater was ordered to pay back the millions lost by victims of his fraudulent crypto scheme and spend 100 months in jail followed by a three-year supervised release.
Randall Cartel, the founder of my Big Coin, was sentenced to 100 months in prison and ordered to pay more than $7.6 million to victims of fraud plans.
The United States Justice Department said on January 31st that Krett was sentenced in Missouri by United States District Court Judge Dennis Caspar.
On July 21st, federal jurors convicted Crater of four counts of telecom network fraud, three counts of illegal currency trading and one count of unlicensed money transfer business process.
My big coin was created through Crater in 2013 and conducted fake marketing in the name of digital money and financial services, seducing victims between 2014 and 2017.
CRATER claims that the coins in my big coins are multi-functional digital currencies encouraged by gold, and the website has a strategic partnership with MasterCard.
CRATER also launched "My Big Coin Exchange", a data-encrypted trading center that converts coins into dollars and other currencies in circulation.
Much of the $7.6 million that Krett and his sales team received was used to pay for a house, several cars, and more than $1 million in antiques, handicrafts and jewelry.
U.S. Prosecutor Rachel Rawlings said in a statement that the damage caused by the crater caused serious trauma and hardship to the victims:
For four years, Mr. Crete had no scruples about carrying out a fraudulent scheme to deceive those who trusted him and him to falsely report business investors and customers, causing victims more than $7.5 million in damage.
"its lies and deception caused real trauma, pain and hardship to 55 victims and their families, who put money into a bank account controlled by Krett to support his extravagant way of life," she added.
Even after the conviction, Crater once again made up a lie that he was innocent, showing in the YouTube video on Oct. 21 that the My Big Coin bank credit card also existed, claiming that an investor testified after taking an oath that he had used the card many times.
The legal act of the crater can be traced back to September 1. On the 25th of 2018, Rya Zobel, the former chief judge of the Missouri Regional people's Court, vetoed a resolution rejecting a case initiated by the American Commodity Futures Trading Federation (CFTC).
The U.S. Justice Department announced criminal charges against the crater on February 19, 2019.
After a hundred months in captivity, CRATER was released under supervision for the next three years.