Error: INTERNAL_ERROR for ef305a1a-c363-5985-3fc9-022f0c00dfef: {"response":{"errors":[{"message":"INTERNAL_ERROR for ef305a1a-c363-5985-3fc9-022f0c00dfef","locations":[{"line":74,"column":7}],"path":["youmightlike"],"extensions":{"classification":"INTERNAL_ERROR"}}],"data":{"articleData":{"uri":"/2018/03/01/another-virtual-currency-player-charged-with-fraud-by-cftc/","canonicalUrl":"https://www.lawjournalnewsletters.com/2018/03/01/another-virtual-currency-player-charged-with-fraud-by-cftc/","generatedId":"glf45fidij","naturalId":"blogAndPostId/blog/post/382-25056","type":"ARTICLE","postFormat":null,"kickerPresentedBy":null,"presentedBy":"","title":"Another Virtual Currency Player Charged with Fraud by CFTC","readtime":"3","timeToRead":"3 minute","prettyModified":"","prettyDateTime":"March 01, 2018 at 12:04 AM","needToKnow":[],"byline":"Stephanie Forshee","authors":[{"name":"Stephanie Forshee","description":"Stephanie Forshee is based in New York. She covers retail, fintech and in-house legal departments.","imageLarge":"https://secure.gravatar.com/avatar/3b98ff533cb9e7000a44c0a1d342e77b?s=136&d=mm&r=g","webUrl":"/author/profile/-/"}],"publication":"Law Journal Newsletters","kicker":"Features","kickerNode":[{"name":"Features","slug":"features-kicker","uri":"/features/","sectionName":"Features"}],"prettyDate":"March 01, 2018","pubDate":"2018-03-01 00:04:47:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"https://images.lawjournalnewsletters.com/contrib/content/uploads/sites/382/2018/02/cftc2.jpg","width":"620","height":"372"},"embed1":"","embed2":"","summary":"The enforcement action alleges that Las Vegas-based My Big Coin Pay Inc., a virtual currency wallet and platform, misappropriated more than $6 million from its customers for “personal expenses and the purchase of luxury goods.”","categories":[{"name":"Features","uri":"/features/","channelName":"Kicker"},{"name":"Banking and Finance Laws","uri":"/banking-and-finance-laws/","channelName":"Topics"},{"name":"Government","uri":"/government/","channelName":"Topics"},{"name":"Litigation","uri":"/litigation/","channelName":"Topics"},{"name":"Regulation","uri":"/regulation/","channelName":"Topics"},{"name":"White Collar Crime","uri":"/white-collar-crime/","channelName":"Topics"},{"name":"Business Crimes Bulletin","uri":"/ljn-newsletters/business-crimes-bulletin/","channelName":"LJN Newsletters"}],"bodyArray":["

On the heels of two enforcement actions announced in the first weeks of January, the U.S. Commodity Futures Trading Commission announced fraud charges against yet another company operating in the virtual currency space. The enforcement action alleges that Las Vegas-based My Big Coin Pay Inc., a virtual currency wallet and platform, misappropriated more than $6 million from its customers for “personal expenses and the purchase of luxury goods,” including a home, jewelry and fine art. “As a result, MBC customers have lost most, if not all, of their funds due to defendants' fraud and misappropriation,” the commission's Jan. 16 complaint filed in Massachusetts federal court reads. The complaint was shared publicly by the CFTC after a period of being under seal.

","

My Big Coin allegedly misled customers by telling them the company was being actively traded on multiple currency exchanges and by falsifying trading price reports. The company told customers it was backed by gold, which the CFTC says it was not. “In reality, the supposed trading results were illusory, and any payouts of funds to MBC customers were derived from funds fraudulently obtained from other MBC customers in the manner of a Ponzi scheme,” the lawsuit states. My Big Coin also lied to customers about a partnership with Mastercard Inc. that would allow customers to use the currency wherever Mastercard is accepted, according to the suit.

","

A representative from My Big Coin did not immediately respond for comment on the allegations.

"],"altLangHeadline":"","altLangBodyArray":[],"slides":[]},"youmightlike":null,"readnext":{"contents":[{"uri":"/2013/02/28/major-differences-in-uk-u-s-copyright-laws/","title":"Major Differences In UK, U.S. Copyright Laws","prettyDate":"February 28, 2013","summary":"This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.","description":"This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.","kicker":"","image":{"uri":"","width":"","height":""},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"publication":"Law Journal Newsletters"},{"uri":"/2016/08/01/the-article-8-opt-in-2/","title":"The Article 8 Opt In","prettyDate":"August 01, 2016","summary":"The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.","description":"The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.","kicker":"","image":{"uri":"","width":"","height":""},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"publication":"Law Journal Newsletters"},{"uri":"/2021/08/01/strategy-vs-tactics-two-sides-of-a-difficult-coin/","title":"Strategy vs. Tactics: Two Sides of a Difficult Coin","prettyDate":"August 01, 2021","summary":"With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.","description":"With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.","kicker":"Features","image":{"uri":"https://images.lawjournalnewsletters.com/contrib/content/uploads/sites/382/2021/07/strategy4.jpg","width":"616","height":"372"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"publication":"Law Journal Newsletters"},{"uri":"/2019/10/01/legal-possession-what-does-it-mean/","title":"Legal Possession: What Does It Mean?","prettyDate":"October 01, 2019","summary":"Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not \"possession,\" possession is \"the fact of having or holding property in one's power.\" That power means having physical dominion and control over the property.","description":"Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not \"possession,\" possession is \"the fact of having or holding property in one's power.\" That power means having physical dominion and control over the property.","kicker":"Features","image":{"uri":"https://images.lawjournalnewsletters.com/contrib/content/uploads/sites/382/2019/09/house_key.jpg","width":"616","height":"372"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"publication":"Law Journal Newsletters"},{"uri":"/2022/08/01/removing-restrictive-covenants-in-new-york/","title":"Removing Restrictive Covenants In New York","prettyDate":"August 01, 2022","summary":"In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?","description":"In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?","kicker":"Features","image":{"uri":"https://images.lawjournalnewsletters.com/contrib/content/uploads/sites/382/2022/07/land_use.jpg","width":"620","height":"372"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"publication":"Law Journal Newsletters"}]}},"extensions":{"DateTime":"2025-04-29T11:46:43.189508904","ResponseTime":"?","AuthorizedUser":false,"AlmContext":"AlmContext{clientIP='10.0.253.239', internalIP='true', origin='', authorizedUser='false', Chinchilla, userAccount='null', UCID=null, ipAccount='null'}","NavServiceResponse":{"message":"Show a wall","action":"show wall","data":"PayWallExcludedClient","placResultsPublic":{"overallContentType":"ExcludedContent","userState":"DENYNOSUB","showWall":"PayWallExcludedClient","userAccess":"0","referrer":"https://lawjournalnewsletters.com/2018/03/01/another-virtual-currency-player-charged-with-fraud-by-cftc","userAccessCookie":null,"productList":"","contentMetaData":"

ARTICLE/2018/03/01/another-virtual-currency-player-charged-with-fraud-by-cftc/Law Journal Newsletters2018-03-01 00:04:47

Law Journal Newsletters

Features

Banking and Finance Laws

Government

Litigation

Regulation

White Collar Crime

Business Crimes Bulletin

https://lawjournalnewsletters.com/2018/03/01/another-virtual-currency-player-charged-with-fraud-by-cftc

","numberOfViewsLeft":0,"numberOfFCFViewsLeft":0,"decisionEngine":"RidgeRunner","rulesFiredString":"[]","contentProductCodes":"[\"ljnbc\",\"//ljnbc\"]"}},"DebuggingData":null,"UsedCache":"true","DataUrl":"http://ml.alm.com:9016/bff-services/content/get-you-may-like-for-content.xqy?naturalId=/2018/03/01/another-virtual-currency-player-charged-with-fraud-by-cftc&site=www.lawjournalnewsletters.com&total="},"status":200,"headers":{}},"request":{"query":"query LawJournalNewsletterscom__Article{articleData:\n getContent(naturalId: \"/2018/03/01/another-virtual-currency-player-charged-with-fraud-by-cftc\", site:\"lawjournalnewsletters.com\") {\n uri\n canonicalUrl\n generatedId\n naturalId\n type\n postFormat\n kickerPresentedBy {\n \t\t label\n \t\t value\n \t\t}\n presentedBy\n title\n readtime\n timeToRead\n prettyModified\n prettyDateTime\n needToKnow\n byline\n authors {\n name\n description\n imageLarge\n webUrl\n }\n publication\n kicker\n kickerNode {\n name\n slug\n uri\n sectionName\n }\n prettyDate\n prettyDateTime\n pubDate\n modifiedDate\n isDownload\n primaryCategory {\n channelName\n sectionName\n name\n uri\n slug\n channelUri\n }\n tags\n image {\n uri\n width\n height\n }\n embed1\n embed2\n summary\n categories {\n name\n uri\n channelName\n }\n bodyArray\n altLangHeadline\n altLangBodyArray\n slides {\n image\n caption\n height\n width\n }\n\n\n }\n youmightlike:\n getYouMayLikeForContent(naturalId: \"/2018/03/01/another-virtual-currency-player-charged-with-fraud-by-cftc\", site:\"lawjournalnewsletters.com\") {\n uri\n title\n byline\n authors {\n name\n description\n imageLarge\n webUrl\n jobTitle\n }\n prettyDate\n readtime\n image {\n uri\n width\n height\n }\n summary\n }\n readnext:\n getStatsList(site:\"lawjournalnewsletters.com\", topic: \"\", limit: 5, timeframe: \"30days\" ) {\n contents {\n uri\n title\n prettyDate\n summary\n description\n kicker\n image {\n uri\n width\n height\n }\n primaryCategory {\n name\n uri\n channelName\n channelUri\n }\n publication\n }\n\n }\n }"}}

Law.com Subscribers SAVE 30%