Tennessee Couple Charged for Operating $6 Million Digital Assets Commodity Pool Scheme
A couple from Tennessee, Michael and Amanda Griffis, has been charged by the Commodity Futures Trading Commission (CFTC) for operating a $6 million digital assets commodity pool scheme. The couple, who own a real estate company in Clarksville, allegedly defrauded over 100 individuals across the country. They are accused of enticing their colleagues and customers by offering them the opportunity to trade digital asset commodity futures contracts through a commodity pool called “Blessings of God Thru Crypto.”
Key Points:
– The Griffises convinced more than 100 people to invest over $6 million in the commodity pool.
– The participants’ funds were sent to the Apex Trading Platform but were quickly transferred to digital wallets outside the control of the Griffises.
– The couple misappropriated around $1 million of the pool funds to pay off their debts and purchase luxury items.
– The remaining pool funds were used to issue Ponzi-like payments to sustain the scheme.
– The CFTC has filed a complaint seeking restitution for the victims, civil monetary penalties, and permanent trading and registration bans.
Hot Take
This case highlights the importance of due diligence and caution when investing in digital assets. Investors should be wary of promises of high profits and be sure to thoroughly research any investment opportunities. The CFTC’s actions demonstrate its commitment to holding accountable those who take advantage of unsuspecting victims. However, it is unfortunate that the victims may not be able to recover their lost funds if the defendants lack sufficient assets.
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