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06/15 04:15
US court imposes over $20 million fine for crypto
US court imposes over $20 million fine for crypto fraud
A federal court in Boston has concluded one of the longest-running crypto fraud cases by ordering the shuttered platform My Big Coin to hand over nearly $26 million.
Regulators convinced the judge that company executives Mark Gillespie and John Roche stole more than $6 million from 28 clients between 2014 and 2017 by promoting a nonexistent “ gold-backed ” token and trading market that never materialized.
The decision splits the penalty into about $19 million in fines for violating the goods trade law and $6 million earmarked for compensation to victims.
Gillespie and Roche are barred from engaging in any business regulated by the Commodity Futures Trading Commission. A third defendant, Michael Krueger, was initially named, but the case against him was dropped after his death.
Although the court ordered a refund, the CFTC warned that investors may get little or nothing back since most of the money has already been spent.
The decision adds another case to the growing list of measures taken by the US to crack down on crypto fraud.
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