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United States Commodity Futures Trading Commission Sues Couple for $6 Million Scam

Published:

In the United States, CFTC on July 25 apprehended a couple from Tennessee that had been defrauding victims from July 2022 to Jan 2023.

Initially, the couple used the medium of text messages or phone calls to reach out to their targets and share a false document titled “Futures Trading Overview and Structure Document.”

READ ALSO:The United States House Votes on Several Digital Assets Bills

Furthermore, the Tennessee couple was accused of issuing almost $855,000 in “Ponzi-like payments” to 5 people to maintain their scheme.

But they refused to pay other participants who asked to withdraw their funds from the pool.

Fast Facts

  • According to the charges filed against the Clarksville, Tennessee couple by the US CFTC, Michael and Amanda Griffis allegedly used a crypto scheme to scam over 100 victims that netted more than $6 million.
  • Michael and Amanda are real estate entrepreneurs who supposedly inspired their targets to register in a commodity pool captioned “Blessings of God Thru Crypto.”
  • Supposedly, the commodity pool will allow the investors to bet on the future crypto price to gain high profits.
  • In addition, the victims were assured of a safe investment and a higher return on investment in digital assets futures trading.
  • Reportedly, the Tennessee couple, without the required experience, enticed people, mostly their colleagues, and customers, to invest in their illicit scheme.
  • Supposedly, the couple is acting on the advice of an unknown person called Coach Wendy, an expert in financial trading.
  • According to the CFTC’s director of enforcement, Ian McGinley, the promises made by this scamming couple to their victims were supported by the victim’s trust in the Griffis couple.
  • The CFTC also alleged that the Tennessee couple misused up to $1 million for personal expenditures. These expenditures include; an all-terrain vehicle and high-end jewelry.
  • Reportedly, the couple sent over $4 million, initially meant for Apex Trading Funding, an online futures platform, to an inaccessible collection of digital wallets.
  • Meanwhile, the CFTC intends to settle the victims of this Scam, ban Michael and Amanda Griffis permanently, and enforce civil monetary policies.

What’s Happening In Crypto Today?

As of this writing, Bitcoin is trading at $29,474.79 with an increase in market cap by 0.88% and an increase in trading volume by 22.82%.

On the side of Ethereum, it is presently trading at $1,879.23 with an increase in market cap by 1.59% and an increase in trading volume by 31.18%.

  • Meanwhile, Tether is trading at $0.9999 with an increase in market cap by 0.03% and an increase in trading volume by 18.27%.
  • XRP, on the other hand, is currently trading at $0.7152 with an increase in market cap by 1.75% and an increase in volume by 0.08%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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