U.S. charges My Big Coin virtual currency firm founder with fraud

BOSTON - The founder of a Nevada-based company was arrested on Wednesday on federal charges he participated in a $6 million scheme to defraud people who wanted to buy a virtual currency called My Big Coin that he claimed was backed by gold.

The indictment came after the U.S. Commodity Futures Trading Commission last year sued the company, Crater and three other men and accused them of participating in a fraudulent virtual currency scheme. “There are dozens and dozens of documents available that show Mr. Crater made every effort to create a viable virtual currency,” he said.

In a Jan. 28, 2015, email, Crater told an investor that “we have 300 million in gold backing us,” the indictment said.

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