The CEO and co-founder of purported cryptocurrency funding agency Wolf Capital simply pleaded responsible to his function in a Ponzi scheme that looted tens of millions of {dollars} from traders.
In response to the U.S. Division of Justice (DOJ), Travis Ford used Wolf Capital’s web site, social media and internet-based promotional actions to solicit investments between January 2023 and August 2023.
Court docket paperwork present that the 35-year-old Oklahoma resident enticed traders by presenting himself as a classy dealer who can provide excessive returns of 1% to 2% per day, or roughly 547% in a single yr.
“Ford made such false guarantees to induce members of the general public to speculate cash within the firm.”
The DOJ says Ford has now admitted that he didn’t imagine it’s doable to constantly ship the promised returns.
Wolf Capital managed to boost $9.4 million from 2,800 traders, however Ford misappropriated and diverted the funds to profit himself and different conspirators, inflicting monetary harm to the traders.
On Thursday, he pleaded responsible to 1 rely of conspiracy to commit wire fraud.
The crime is punishable by as much as 5 years of jail time, however a federal district courtroom choose will decide the suitable sentence after contemplating US sentencing tips and different statutory components.
The courtroom has not but set the sentencing date.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Test Value Motion
Observe us on X, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any losses chances are you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney