U.S. Charges My Big Coin Virtual Currency Firm Founder With Fraud

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The founder of a Nevada-based company was arrested on Wednesday on federal charges that he participated in a $6 million scheme to defraud people who wanted to buy a virtual currency called My Big Coin that he claimed was backed by gold.

Randall Crater, the principal operator of My Big Coin Pay Inc, was arrested in Florida after being charged in an indictment filed in federal court in Boston with seven counts of wire fraud and unlawful monetary transactions.

The indictment came after the U.S. Commodity Futures Trading Commission last year sued the company, Crater and three others associated with My Big Coin Pay Inc and accused them of participating in a fraudulent virtual currency scheme.

The lawsuit led to one of the first court rulings holding that a virtual currency could be considered a commodity within the jurisdiction of the U.S. derivatives regulator. That civil case remains pending.

Read the original article here: reuters.com

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