Cryptocurrency Investment Scam: Oklahoma Man Pleads Guilty to Defrauding 2,800 Investors

A 35-year-old Oklahoma man, Travis Ford, has pleaded guilty to orchestrating a cryptocurrency investment fraud scheme that resulted in nearly 2,800 investors losing $9.4 million. Ford, the CEO, co-founder, and head trader of Wolf Capital Crypto Trading LLC, admitted to conspiracy to commit wire fraud.

According to court documents, the purported investment firm operated from January to August 2023, promoting itself through its website, social media, and other internet platforms. Ford falsely claimed to be a sophisticated trader capable of delivering extraordinary daily returns of 1-2%, amounting to an annual return of approximately 547%. He admitted that he knew such returns were unattainable but made promises to lure investors anyway.

How the Scam Worked

Ford misappropriated the funds to benefit himself and his co-conspirators, leaving investors with significant financial losses. The scheme’s scope was highlighted by Principal Deputy Assistant Attorney General Brent Wible and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shen.

Penalties and Sentencing

Ford now faces up to five years in prison, with sentencing to be determined by a federal district court judge. The court will consider the U.S. Sentencing Guidelines and other statutory factors before issuing a final sentence. A sentencing date has not yet been set.

Recent Cases of Cryptocurrency Fraud

This case is not an isolated incident. Just two days prior, a federal grand jury in the Eastern District of Washington charged a former pastor with 26 counts of fraud, alleging he masterminded a cryptocurrency scheme.

As the cryptocurrency market continues to grow, it’s essential for investors to be cautious and do their research before investing in any scheme or platform.

Stay up-to-date with the latest news on cryptocurrency and investing by following Global Crypto News.

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