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A US court has sentenced a man to five years in prison for his leading role in a $9.4 million cryptocurrency Ponzi scheme.
He was also ordered to pay more than $1 million in forfeiture and $170,000 in restitution.
Conviction of Wolf Capital CEO
Travis Ford, a 36-year-old resident of Gleboom, Oklahoma, was the CEO of Wolf Capital Trading LLC, a cryptocurrency investment firm that raised nearly $10 million from about 2,800 investors.
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The US Department of Justice said Ford spent 2023 soliciting investments through its website and various online promotions. He presents himself as an experienced and capable trader Get returns every day It is 1% to 2% for investors.
During Ford’s trial in court, prosecutors said he eventually turned himself in He misused that money For personal use and to support his conspirators.
In January, Ford pleaded guilty to one count of… Conspiracy to commit wire fraud. As part of his confession, he realized that he knew that the investment returns he advertised could not be achieved consistently.
This case is another Ponzi schemes related to cryptocurrencies which have been in the headlines in recent months.
Cryptocurrency fraud is on the rise worldwide
In recent months, several major cryptocurrency Ponzi schemes have made headlines around the world.
Officials said in a similar case last month, when Thai authorities arrested Chinese national Liang Ai-ping in Bangkok. He was accused of helping to operate the FINTOCH scheme, which allegedly He stole more than $31 million From nearly 100 investors across Asia. Officials said the operation included several countries and was based on aggressive online marketing.
In August, a New York court issued another major ruling. The judges ordered the founder of EminiFX, Eddie Alexander, Paying $228 million After regulators determined that their AI-themed platform was a major fraud. The plan primarily targeted immigrant communities in the United States.
City officials said a third case arose weeks ago in Detroit, when they filed a lawsuit against Florida-based RealT. To sell symbolic shares In houses you do not own. The company raised about $2.72 million from investors through these offerings.
While Ford’s conviction highlights a tougher stance by authorities, it’s clear from the latest wealth of cases that cryptocurrency fraud is spreading faster than law enforcement can catch it.
