The Commodity Futures Trading Commission (CFTC) has taken legal action against a Tennessee couple, Michael and Amanda Griffis. The couple, who operate a real estate business in Clarksville, are accused of orchestrating an elaborate crypto scam that defrauded over a hundred individuals. The alleged fraudulent scheme involved a digital assets commodity pool named “Blessings of God Thru Crypto,” luring unsuspecting investors with promises of profitable returns through cryptocurrency investments.

According to regulatory authorities, the Griffises enticed potential investors across the United States by presenting their commodity pool as a secure investment opportunity. They claimed to follow the recommendations of an individual known as “Coach Wendy” and a team of skilled traders. Victims were led to believe that their funds would be safe, yielding substantial gains through trading “crypto futures” on the “Apex Trading Platform.” However, these pledges were revealed to be nothing more than a deceitful cover for the couple’s dishonest actions.

The evidence presented in the complaint filed by the CFTC indicates that the Griffises not only failed to safeguard investor funds as promised but also misappropriated them for personal use. The complaint alleges that they spent almost $1 million on luxury jewelry and an all-terrain vehicle. Additionally, the purported $4 million transferred to Apex Trading was redirected to various digital wallets, making it untraceable.

While the couple did make partial payments to a select few individuals, amounting to approximately $855,000, to perpetuate the scheme, they allegedly denied withdrawal requests from other pool participants. This red flag created a Ponzi-like structure within their operation, further exacerbating the losses suffered by unsuspecting victims.

Ian McGinley, Director of Enforcement at the CFTC, denounced the Griffises’ actions, stating that they had betrayed the trust of pool participants and profited from their deception. In addition to seeking monetary damages for the victims, the CFTC lawsuit aims to permanently ban the couple from commodity trading and registering with the regulatory agency.

The CFTC’s swift response to the alleged fraudulent activities of the Tennessee couple, Michael and Amanda Griffis, serves as a reminder of their commitment to hold accountable those who take advantage of unsuspecting victims. Protecting investors and upholding the integrity of the financial markets remains a top priority. As this case unfolds, it highlights the importance of due diligence when approached with investment opportunities in the cryptocurrency space, particularly when promises of guaranteed returns and secure investments are made.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.