A Boston federal court has shut the book on one of crypto’s longest-running fraud cases, ordering the shuttered platform My Big Coin to hand over almost $26 million.
Regulators convinced the judge that company heads Mark Gillespie and John Roche siphoned more than $6 million from 28 customers between 2014 and 2017 by touting a non-existent “gold-backed” token and a trading market that never materialized.
The ruling splits the penalty into roughly $19 million in fines for violating commodities law and $6 million earmarked for victim restitution.
Gillespie and Roche are also barred from any future business that falls under Commodity Futures Trading Commission oversight. A third defendant, Michael Kruger, was originally named but proceedings ended after his death.
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Although the court demanded repayment, the CFTC cautions that investors may recover little or nothing—most of the money was already spent.
The decision adds another entry to the growing ledger of U.S. enforcement actions aimed at cleaning up early-era cryptocurrency scams.
Alexander Stefanov
With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.
