Couple Charged with Defrauding Over 100 People in Digital Assets Scheme

The CFTC Charges Couple for Allegedly Defrauding Investors in Crypto Commodity Pool

The Commodity Futures Trading Commission (CFTC) has charged Michael and Amanda Griffis, owners of a real estate company, for defrauding over 100 people with a digital assets commodity pool named “Blessings of God Thru Crypto.” The couple raised over $6 million by pooling funds from colleagues and customers to trade digital asset commodity futures contracts. They falsely represented that the pool funds would be safe and under their control, promised high gains, and claimed to use the funds to trade crypto futures on the Apex Trading Platform with the advice of a person known as “Coach Wendy.” The couple leveraged their personal and professional relationships to convince victims of the scheme’s legitimacy.

Key Points:

Michael and Amanda Griffis raised over $6 million by pooling funds to trade digital asset commodity futures contracts.
They falsely represented that pool funds would be safe, promising high gains.
The couple leveraged their personal and professional relationships to convince victims of the scheme’s legitimacy.
Pool participants’ funds were commingled with the couple’s personal funds.
About $855,000 in Ponzi-style payments were made to some pool participants.

Hot Take:

This case highlights the importance of conducting thorough due diligence before investing in any cryptocurrency scheme. Investors should be cautious of promises of high returns and ensure that the individuals or companies offering such opportunities are properly regulated. The crypto industry still faces challenges with fraudulent activities, and it’s necessary for regulators like the CFTC to take action to protect investors.