An individual from Oklahoma has confessed to leading a cryptocurrency investment fraud operation that resulted in a loss of $9.4 million for nearly 2,800 investors.
Travis Ford, 35, of Glenpool, pleaded guilty on the previous day to a single count of conspiracy to commit wire fraud linked to his position as CEO, co-founder, and chief trader of Wolf Capital Crypto Trading LLC.
The alleged investment company functioned from January 2023 until August 2023, promoting its services via its website, social media, and various online platforms.
Court documents reveal that Ford falsely represented himself as an expert trader capable of yielding remarkable daily returns of 1-2%, which would amount to an annual return of about 547%.
Ford acknowledged that he was aware such returns were impossible yet continued to make promises to attract investors. He diverted the invested funds for his personal gain and that of his co-conspirators, resulting in substantial financial losses for investors.
The Justice Department revealed the plea agreement on Friday, January 10, with Principal Deputy Assistant Attorney General Brent Wible and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shen underscoring the wide-reaching impact of the fraudulent scheme.
Ford is now subject to a maximum of five years in prison, with the length of the sentence to be decided by a federal district court judge. The court will take into account the U.S. Sentencing Guidelines and other legal factors before rendering a final decision.
No date for sentencing has been established yet.
This news surfaced just two days after a federal grand jury in the Eastern District of Washington indicted a former pastor on 26 counts of fraud, claiming he orchestrated a cryptocurrency scheme.
