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CFTC Announces 3rd Cryptocurrency Fraud Suit In 1 Week

Law360, New York (January 24, 2018, 7:57 PM EST) -- The Commodity Futures Trading Commission on Wednesday said it had sued and frozen the assets of the creators of a supposed cryptocurrency called “My Big Coin” who allegedly took $6 million from unwitting buyers and used it to fund shopping sprees and pay off earlier investors.

My Big Coin Pay Inc. — a Nevada corporation whose product, the CFTC noted, sounds similar to the world’s leading cryptocurrency, bitcoin — its founder Randall Crater, and salesman Mark Gillespie were accused of fleecing at least 28 people out of $6 million between 2014 and last June. The suit was filed on Jan. 16...

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Massachusetts

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Securities/Commodities

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Date Filed

January 16, 2018

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