The Commodity Futures Trading Commission (CFTC) has filed a complaint against a Tennessee couple for allegedly defrauding more than 100 people in a crypto pool scheme.
In a new press release, the CFTC announced that they are filing a complaint against Michael and Amanda Griffis for allegedly managing a multi-million dollar pool that defrauded investors.
The alleged arrangement ran for approximately six months, from July 2022 to January 2023.
According to the CFTC, the pair managed to convince more than 100 individuals to invest more than $6 million in a commodity pool dubbed “Blessings of God Thru Crypto”. They offered high returns and assured investors that their funds would be safe. However, the couple misused the money for their personal expenses and used “Ponzi-style payments” to continue the scheme.
Says CFTC Enforcement Director Ian McGinley,
“As alleged, the defendants promised pool participants a safe investment in digital asset futures contracts with huge profit potential. The promises were backed up by the trust the victims placed in the defendants.
The defendants betrayed their pool participants and they profited from that betrayal. Today’s filing reinforces the CFTC’s longstanding commitment to holding those who abuse victims accountable.”
The CFTC aims to provide redress to those who suffered losses, impose fines for misconduct, and prohibit further violations of the Commodity Exchange Act (CEA) and CFTC regulations.
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