New York man convicted in cryptocurrency fraud scheme

(USAF / Joshua Magbanua)
Published: Jul. 22, 2022 at 9:24 AM EDT
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BOSTON (AP) - The founder of a cryptocurrency and virtual payment services company has been convicted by a federal jury of defrauding investors out of $6 million and spending some of the money on antiques, artwork, and jewelry.

Federal prosecutors in Boston say 51-year-old Randall Crater, of East Hampton, New York, was convicted on Thursday of wire fraud, unlawful monetary transactions, and operating an unlicensed money transmitting business.

Crater founded Las Vegas-based My Big Coin Pay Inc. in 2013. Prosecutors say Crater and his associates falsely told investors that the coins were a fully functioning cryptocurrency backed by $300 million in gold, oil, and other assets.

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