A gentleman from Oklahoma confessed to masterminding a deceptive crypto investment scheme, tricking approximately 2,800 people into losing around $9.4 million.
35-year-old Travis Ford from Glenpool admitted guilt on a single charge of conspiring to carry out wire fraud, related to his position as CEO, co-founder, and lead trader at Wolf Capital Crypto Trading LLC, yesterday.
From January 2023 up until August of the same year, the alleged financial company showcased itself via its official website, various social media outlets, and numerous online channels.
Based on legal records, it’s stated that Ford allegedly misrepresented himself as a skilled investor who could consistently yield daily profits ranging from 1% to 2%, which would equate to around a staggering 547% yearly return.
Ford openly acknowledged that the promised returns were impossible yet enticing to attract investors. However, rather than using the funds as intended, he dishonestly utilized them for personal gain and the advantage of his accomplices, resulting in substantial financial losses for the investors.
On Friday, January 10th, I learned that the Justice Department had announced a plea deal concerning a cryptocurrency-related fraud case. Brent Wible, Principal Deputy Assistant Attorney General, and Eric Shen, Inspector in Charge of the U.S. Postal Inspection Service (USPIS), emphasized the vastness of this deceptive scheme’s reach.
Ford may spend up to five years behind bars, as the severity of his punishment is yet to be decided by a federal judge. They’ll take into account the U.S. Sentencing Guidelines, along with other relevant laws, prior to announcing the final verdict.
A sentencing date has not yet been set.
In the last couple of days, a report surfaced that a former clergyman has been indicted by a federal grand jury based in the Eastern District of Washington on 26 charges of deception. The accusations claim he orchestrated a complex cryptocurrency scam.
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2025-01-13 02:44