An Oklahoma man pleaded guilty to operating a $9.4M fraudulent crypto investment firm.
Travis Ford, a 35-year-old man from Oklahoma, has pleaded guilty to conspiracy to commit wire fraud. He was involved in running a fraudulent crypto investment firm called Wolf Capital Crypto Trading LLC. The U.S. Department of Justice announced this on Friday.
Ford was the co-founder, CEO, and head trader of Wolf Capital. He encouraged people to invest millions in the firm through promotions, social media, and its website from January to August 2023. He falsely claimed that investors could earn returns of 1-2% daily, which would amount to 547% annually. In total, he raised $9.4 million from about 2,800 investors.
The DOJ stated that Ford made false promises to lure investors. Instead of using the funds for investment, he misappropriated the money for his personal benefit and that of his associates, harming the investors in the process.
This case highlights the ongoing issue of Ponzi schemes in the cryptocurrency sector, where scammers promise high returns to attract investors.
