Founding father of “My Massive Coin” and convicted fraudster Randall Crater has been sentenced to 100 months in jail and has been ordered to pay over $7.6 million to the victims of his fraudulent scheme.

The U.S. Division of Justice (DOJ) said on Jan. 31 that Crater was sentenced by United States District Court docket Choose Denise Casper in Massachusetts.

The sentence comes round six months after Crater was convicted by a federal jury on Jul. 21, 2022, on 4 counts of wire fraud, three counts of illegal financial transactions and one rely of working an unlicensed money-transmitting enterprise.

Randall Crater, the founding father of “My Massive Coin,” a purported cryptocurrency firm, was sentenced at present to greater than eight years in federal jail for a multi-million greenback fraud scheme uncovered by #FBI Boston and @USPIS_BOS. https://t.co/567NYPndRU pic.twitter.com/a3eKaogij4

— FBI Boston (@FBIBoston) January 31, 2023

My Massive Coin was based by Crater in 2013 and falsely marketed as a cryptocurrency cost service, luring victims between 2014 and 2017.

Crater claimed the cash on My Massive Coin had been totally purposeful cryptocurrencies backed by gold and that the platform had a partnership with Mastercard.

Crater additionally marketed the “My Massive Coin Alternate,” marketed as a crypto change the place the cash might be swapped for U.S. {dollars} and different fiat currencies.

A good portion of the $7.6 million obtained by Crater and his advertising crew went in direction of a home, a number of vehicles and over $1 million in antiques, art work and jewellery.

U.S. Lawyer Rachael Rollins stated in an announcement the harm completed by Crater inflicted a critical quantity of trauma and monetary hardship on his victims:

“For almost 4 years, Mr. Crater perpetrated a brazen fraud scheme that preyed on traders and prospects who put their religion in him and his pretend enterprise, leading to sufferer losses of over $7.5 million.”

“His lies and deception inflicted actual trauma, ache and hardship on the lives of 55 particular person victims and their households who funneled their cash into financial institution accounts Mr. Crater managed and used to finance his extravagant life-style,” she added.

800 victims of ‘large’ Bitconnect fraud to obtain $17M restitution

Even after his conviction, Crater continued to protest his innocence and said in an Oct. 21, 2022, Youtube video {that a} My Massive Coin bank card did in truth exist and claimed an investor testified beneath oath to having used the cardboard a number of occasions.

Authorized motion towards Crater was first initiated when now-former Choose Rya Zobel of the Massachusetts District Court docket on Sept. 25, 2018, dominated towards a movement to dismiss a case that had been launched by the U.S. Commodity Futures Buying and selling Fee (CFTC).

The DOJ formally laid the legal expenses towards Crater shortly after on Feb. 19, 2019.

After Crater’s 100-month tenure behind bars, he can be topic to a supervised launch for the next three years.