CFTC charges Tennessee couple over ‘Blessings of God Thru Crypto’ scheme

” Despite having no trading or other relevant experience, the offenders effectively convinced over 100 people to send them over $6 million to take part in a product pool called Blessings of God Thru Crypto,” the CFTC said.As part of the scheme swimming pool individuals were told their funds would be used to trade crypto futures agreements, however, not a single trade was ever conducted, stated the CFTC.” The defendants incorrectly represented that swimming pool funds would be safe and under their control, that swimming pool participants might expect high gains, and that the offenders would utilize swimming pool funds to trade crypto futures.” Excerpt from the futures trading file supposedly written by defendant Michael Griffis Source: CFTCInstead, around $4 countless the pooled funds were moved to digital wallets beyond the Griffis control and more than $1 million were abused to settle individual financial obligation and expensive products over a variety of months, the CFTC alleged.This consisted of $10,000 in college tuition for member of the family, $20,000 for an all-terrain lorry and $335,000 to pay off credit card debt.Related: CFTC problems $54M default judgment versus trader in crypto fraud schemeThe couple has actually been charged with defrauding over 100 victims and stopping working to sign up with the CFTC. In its problem, it requested an irreversible injunction versus the Griifis and any possible collaborators, avoiding them from taking part in any future transactions involving commodity interests, in addition to full restitution to anybody that sustained losses from the plan, and asked for the court impose civil charges against the Griffis. The CFTC alerted complete restitution will likely be hard considered that the alleged crooks will likely have insufficient funds or assets.According to their particular LinkedIn profiles, Michael and Amanda Griffis are affiliated with Exit Realty Screamin Eagle, based in Clarksville, Tennessee. Amanda is listed as a “Broker/Co-Owner,” while Michael is noted as a “Realtor.” Cointelegraph called the Griffis for remark but did not instantly receive a response. Magazine: How smart people invest in dumb memecoins– 3-point plan for success

The CFTC charged spouse and partner realtors of Tennessee for operating a $6M digital assets product pool plan. Find out more: https://t.co/pPq9hV8qeU— CFTC (@CFTC) July 25, 2023.