
An individual from Oklahoma has confessed to running a cryptocurrency investment fraud scheme that misled almost 2,800 investors, collecting $9.4 million in the process.
Travis Ford, a 35-year-old resident of Glenpool, pleaded guilty on January 10 to a charge of conspiracy to commit wire fraud. He served as the CEO, co-founder, and lead trader for Wolf Capital Crypto Trading LLC.
This so-called investment firm was operational from January to August 2023, marketing itself through its website, social media, and various online platforms.
Court documents reveal that Ford falsely portrayed himself as an expert trader capable of providing remarkable daily returns of 1-2%, which would equate to an annual return of about 547%.
Ford acknowledged that he was aware such returns were impossible but still made these promises to attract investors. He misused the investment funds for his own benefit and that of his co-conspirators, resulting in substantial financial losses for investors.
The Justice Department shared the details of the plea on Friday, with Principal Deputy Assistant Attorney General Brent Wible and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shen emphasizing the extensive nature of the fraudulent operation.
Ford could face a maximum of five years in prison, with sentencing to be determined by a federal district court judge. Factors including the U.S. Sentencing Guidelines will be considered during the final sentencing process.
A date for sentencing has yet to be announced.
This news follows closely on the heels of a federal grand jury in the Eastern District of Washington charging a former pastor with 26 counts of fraud for allegedly orchestrating a cryptocurrency scheme.