TechFlow news, according to The Block, a 35-year-old man from Oklahoma, Travis Ford, has pleaded guilty to participating in a cryptocurrency investment fraud scheme, as announced by the U.S. Department of Justice.
According to court documents, Travis Ford was the CEO, co-founder, and chief trader of Wolf Capital Crypto Trading LLC (Wolf Capital), a cryptocurrency investment firm. From January 2023 to August 2023, Ford solicited investments through Wolf Capital's website and other social media and internet-based promotional activities. Ford claimed to be a seasoned trader capable of delivering daily returns of 1-2% (approximately 547% annually). Ford admitted that he did not believe such promised returns could be sustainably achieved. He made these false claims to lure the public into investing in the company.
Ford misappropriated and transferred investor funds for his own and his accomplices' benefit, harming investors' financial interests. Through fraudulent activities, Wolf Capital raised $9.4 million from approximately 2,800 investors.
Ford has pleaded guilty to one count of conspiracy to commit wire fraud, which carries a maximum sentence of five years in prison. A sentencing date has not yet been set. The federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
