CFTC Secures $25 Million Court Judgment Against Defendants in My Big Coin Fraud Case

The U.S. Commodity Futures Trading Commission (CFTC) has announced a final default judgment against Mark Gillespie of Michigan, John Roche of California, and the Nevada-based entities My Big Coin Pay, Inc., and My Big Coin, Inc. The ruling, issued by the District Court for the District of Massachusetts, orders the defendants to pay, jointly and severally, a total of $19,326,324 in civil penalties and $6,442,108 in restitution to victims defrauded in their digital asset scam.

According to the court's findings, between January 2014 and June 2017, Gillespie, Roche, and their companies, alongside co-defendant Randall Crater, engaged in fraudulent activities by promoting My Big Coin (MBC) as a fully functioning virtual currency.

The defendants enticed at least 28 customers to invest over $6 million through deceptive solicitations. Among the misrepresentations were false claims about MBC's value, usability, trade status, and backing by gold. Crater misappropriated nearly all the funds, redirecting them for wrongful use.

As part of the judgment, the defendants also face a permanent injunction, prohibiting them from:

• ​Trading in any CFTC-regulated markets

• ​Conducting transactions involving commodity interests or digital assets

• ​Seeking CFTC registration

The ruling marks another victory in the CFTC's ongoing efforts to combat fraud. In a recent case, the CFTC filed a fraud complaint against investment advisors for misappropriating over $690,000.