A federal court in Massachusetts recently ruled on a major Crypto Assets fraud case, ordering the main defendant involved in the My Big Coin fraud case to pay approximately $25.8 million in hefty fines to the Commodity Futures Trading Commission (CFTC).

According to a statement released by the CFTC on Wednesday, the court has ordered My Big Coin Pay, Inc., My Big Coin, Inc., and its executives Mark Gillespie and John Roche to pay a civil penalty of $19.32 million and to compensate defrauded investors for losses of $6.44 million. Additionally, the court has imposed market entry restrictions on Gillespie, Roche, and the related companies, prohibiting them from participating in any market activities regulated by the CFTC.

The investigation shows that Gillespie, Roche, and another operator, Randall Crater, successfully deceived 28 investors and illegally profited over $6 million by promoting the Crypto Assets project My Big Coin(MBC) between January 2014 and June 2017. The lawsuit against another person involved in the case, Michael Kruger, was dismissed due to his passing.

According to the CFTC, these defendants issued false information to investors regarding the value, usage, and trading status of MBC without any real basis, even falsely claiming that MBC was backed by gold. These deceptive statements ultimately led many investors to fall victim.