A federal court has ruled that Randall Crater of Heathrow, Florida, must pay more than $7.6 million in restitution for deceiving investors through a fraudulent digital asset scheme, the Commodity Futures Trading Commission (CFTC) announced on Feb. 10. The U.S. District Court for the District of Massachusetts issued a consent order mandating Crater to compensate defrauded victims, with his payments also satisfying restitution in a related criminal case. The CFTC detailed:

The order requires Crater to pay over $7.6 million in restitution to defrauded victims in connection with his digital asset fraud scheme, with dollar-for-dollar credit for restitution payments to victims in satisfaction of the restitution ordered in a parallel criminal action.

Additionally, “The order also imposes a permanent injunction against Crater and bans him from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests or digital asset commodities, and registering with the CFTC,” the commission added.

The court determined that between January 2014 and January 2018, Crater orchestrated a deceptive scheme involving My Big Coin, which he marketed as a legitimate virtual currency and commodity in interstate commerce. He falsely assured at least 28 customers that the cryptocurrency had real value, was actively traded, and was backed by gold, ultimately collecting more than $7.6 million. Instead of using the funds as promised, Crater diverted them to purchase a home, antiques, fine art, jewelry, and other luxury goods.

While this consent order resolves claims against him, the broader enforcement case remains active against co-defendants Mark Gillespie, My Big Coin Pay Inc., My Big Coin, Inc., John Roche, and Michael Kruger.

In a parallel criminal case, Crater faced an indictment on Jan. 18, 2022, on charges of wire fraud, unlawful monetary transactions, and operating an unlicensed money transmitting business. A jury found him guilty on July 21, 2022, leading to a prison sentence of over eight years. He was also ordered to repay $7.6 million to defrauded customers and forfeit an equivalent amount in fraudulent proceeds. However, the CFTC cautioned that restitution orders do not guarantee victims will recover their losses if the perpetrator lacks sufficient assets.

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