Couple Faces $7 Million Penalty for Running Fraudulent Crypto Scheme
A Tennessee couple has been ordered to pay nearly $7 million in penalties after defrauding investors through a fake cryptocurrency trading pool. According to the Commodity Futures Trading Commission (CFTC), Michael and Amanda Griffis lured 145 investors into a fraudulent investment program called “Blessings Thru Crypto,” promising lucrative returns from commodity futures trading.
The CFTC announced the ruling in a press release on September 25, revealing that the couple diverted investor money to an illegitimate overseas exchange and spent a significant portion on personal expenses, including debts and consumer goods.
.@CFTC Obtains Order for Over $5.5M Restitution for Victims in Commodity Pool Fraud by Tennessee Couple: https://t.co/UIOg9SvJlq…