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Fake, fraudulent cryptocurrency founder arrested!

Big Coin Pay Inc., a purported cryptocurrency and virtual payment services company with headquarters in Las Vegas, Nev., was on Wednesday arrested and charged for his participation in a scheme to defraud investors by marketing and selling fraudulent virtual currency.

Randall Crater, 48, of East Hampton, N.Y., was charged with four counts of wire fraud and three counts of money laundering. Crater was arrested on Wednesday and arraigned in U.S. District Court in the Middle District of Florida.

According to the indictment, Crater and others created the fraudulent virtual currency, “My Big Coins” or “Coins,” which they marketed to investors between 2014 and 2017 using misrepresentations about the nature and value of Coins. Crater and his associates falsely claimed that Coins was a fully functioning cryptocurrency backed by valuable assets such as gold, oil, and other assets. They also falsely told investors that Coins could readily be exchanged for government-backed papets…Crater and his associates promulgated these misrepresentations through social media, the internet, email, and text messages.

In reality, Coins were not backed by gold or other valuable assets and were not readily transferable. Over the course of the scheme, it is alleged that Crater misappropriated over $6 million of investor funds for his own personal gain.

The charge of wire fraud provides for a sentence of no greater than 20 years in prison, three years of supervised release, and a fine of $250,000, or twice the gross gain or loss. The money laundering charges provides for a sentence of no greater than 10 years in prison, three years of supervised release, and a fine of $250,000.

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