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

” Despite having no trading or other relevant experience, the defendants effectively encouraged over 100 people to send them over $6 million to participate in a commodity swimming pool called Blessings of God Thru Crypto,” the CFTC said.As part of the plan swimming pool individuals were informed their funds would be used to trade crypto futures contracts, however, not a single trade was ever conducted, said the CFTC.” Excerpt from the futures trading document purportedly composed by accused Michael Griffis Source: CFTCInstead, around $4 million of the pooled funds were transferred to digital wallets outside of the Griffis control and more than $1 million were misused to pay off individual financial obligation and costly items over a number of months, the CFTC alleged.This consisted of $10,000 in college tuition for household members, $20,000 for an all-terrain vehicle and $335,000 to pay off credit card debt.Related: CFTC concerns $54M default judgment against trader in crypto fraud schemeThe couple has actually been charged with defrauding over 100 victims and failing to register with the CFTC. The CFTC warned complete restitution will likely be tough offered that the alleged culprits will likely have insufficient funds or assets.According to their particular LinkedIn profiles, Michael and Amanda Griffis are connected with Exit Realty Screamin Eagle, based in Clarksville, Tennessee.

A Tennessee spouse and better half are facing charges over “Blessings of God Thru Crypto”– an apparently deceptive financial investment plan that swindled at least $6 million from over 100 victims in just 6 months.A July 24 problem from the Commodity Futures Trading Commission (CFTC) said Michael and Amanda Griffis used the connections they made in their genuine estate company to encourage people to fork their savings over to a multi-million dollar financial investment swimming pool in between July 2022 and January 2023 These consisted of mortgage brokers and former customers of their genuine estate company, it stated. The CFTC charged other half and better half real estate agents of Tennessee for running a $6M digital properties commodity pool plan. Discover more: https://t.co/pPq9hV8qeU— CFTC (@CFTC) July 25, 2023.