Oklahoma Man Lands 5 Years Behind Bars For Nearly $10 Million Crypto Scheme

An Oklahoma resident landed 5 years behind bars for enjoying a number one position in a $9.4 million crypto funding scheme, the U.S. Department of Justice (DOJ) introduced on November 14.

Oklahoma Man Gets Prison Time for Crypto Scheme

Travis Ford, the co-founder and CEO of Wolf Capital Crypto Trading LLC, was sentenced to 60 months in jail on Friday for the investment fraud conspiracy.

According to the Justice Department, Ford raised $9.4 million from 2,800 buyers via “fraudulent conduct.”

In addition, Ford has been ordered to pay $1 million in forfeiture and $170,000 in restitution.

Travis Ford Faces the Music for Crypto Fraud

The Wolf Capital CEO initially pleaded responsible to one count of conspiracy to commit wire fraud again in January of this 12 months.

From January 2023 via August 2023, Ford “solicited investments” for the crypto scheme by way of his firm’s web site and different “social media and internet-based promotion actions.”

Ford fraudulently promised buyers he might ship returns of 1-2% per day, equal to 547% per 12 months.

According to court documents, Ford made himself out to be a “refined dealer” as he “publicly stood behind Wolf Capital.”

In actuality, court docket data point out that Wolf Capital was not “acquiring such returns” however was truly “shedding investor cash,” despite the crypto company’s claims.

“Ford and his co-conspirators allegedly made such false guarantees to induce members of the general public to speculate cash within the firm,” the press launch states.

“Ford then misappropriated and diverted investor funds to profit himself and his co-conspirators, to the monetary detriment of buyers,” the doc continues.

As a part of his responsible plea, Ford finally admitted that he didn’t consider it was doable to attain the quantity of returns he purported.

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