A man in Oklahoma has been charged with defrauding $9.4 million through cryptocurrency scams

2025-01-11 09:04:26

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ChainCatcher news, according to The Block, the U.S. Department of Justice announced on Friday that 35-year-old Oklahoma man Travis Ford pleaded guilty to a charge of conspiracy to commit wire fraud, related to his role in operating a "fraudulent" cryptocurrency investment company, where he served as the co-founder, CEO, and chief trader of Wolf Capital Crypto Trading LLC (referred to as Wolf Capital).

The U.S. Department of Justice stated that from January to August 2023, he attracted individuals to invest millions of dollars in the company through promotions, social media posts, and the company website. Ford allegedly claimed that his daily net returns were about 1-2%, or 547% annually, and ultimately raised $9.4 million from approximately 2,800 investors.

The Department of Justice argued that Ford used false promises to entice individuals to invest in the company, then used the investors' funds "to profit himself and his accomplices, to the detriment of the investors." Due to this charge, he currently faces a maximum of five years in prison.

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