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Julia Smith
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Julia Smith
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An Oklahoma resident has landed five years behind bars for playing a leading role in a $9.4 million crypto investment scheme, the US Department of Justice (DOJ) announced on November 14.
Oklahoma man gets prison time for crypto scheme
Travis Ford, the co-founder and CEO of Wolf Capital Crypto Trading LLC, was sentenced to 60 months in prison on Friday for the fraudulent investment conspiracy.
According to the Justice Department, Ford collected $9.4 million from 2,800 investors through “fraudulent conduct.”
In addition, Ford was ordered to pay $1 million in forfeiture and $170,000 in restitution.
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The CEO of Wolf Capital originally pleaded guilty one count of conspiracy to commit wire fraud back in January this year.
From January 2023 to August 2023, Ford “solicited investments” for the crypto scheme via his company’s website and other “social media and Internet-based promotional activities.”
Ford fraudulently promised investors that it could provide returns of 1-2% per day, equivalent to 547% per year.
According to court documentsFord made a “sophisticated trade” as he “publicly stood behind Wolf Capital”.
In reality, court records indicate that Wolf Capital was not “achieving such returns” but was actually “losing investor money.” despite the claims of the crypto company.
“Ford and his co-conspirators allegedly made such false promises to induce members of the public to invest money in the company,” the press release states.
“Ford then diverted and diverted investor funds to himself and his co-conspirators, to the financial detriment of investors,” the document continued.
As part of his guilt, Ford finally admitted that he did not believe that it was possible to achieve the amount of returns that he supposed.
