Oklahoma man gets five years for leading $9.4 million crypto investment fraud scheme
The Block
An Oklahoma man was sentenced to five years in prison for leading a $9.4 million cryptocurrency investment fraud scheme.Summary
Travis Ford, 36, the CEO and co-founder of Wolf Capital Crypto Trading LLC, was sentenced to five years in prison for leading a $9.4 million cryptocurrency investment fraud scheme. He was also ordered to pay $1 million in forfeiture and over $170,000 in restitution. Prosecutors stated that Ford raised money from about 2,800 investors in 2023 by promising daily returns of 1%-2%, which he knew were unattainable. Ford admitted in his guilty plea for wire fraud that he could not consistently achieve those returns, and investor money was instead being lost. Ford and his co-conspirators allegedly misappropriated investor funds for personal benefit, causing financial detriment to the investors.
(Source：The Block)