Travis Ford, the co-founder of Wolf Capital Crypto Trading Company, has pleaded guilty to defrauding investors out of $9 million by promoting unrealistic financial returns. Ford, 35, is now facing up to five years in prison after admitting to wire fraud charges in connection with the scheme. A sentencing hearing will be held by a federal district judge in Oklahoma.
The U.S. Department of Justice (DoJ) revealed that Ford solicited investments from over 2,800 individuals across the U.S. and around the world between January and September 2023. The investigation, led by the U.S. Postal Inspection Service’s Criminal Investigation Group, uncovered that Ford falsely presented himself as an expert trader who could deliver returns of 1-2% daily, or approximately 547% annually.
Despite his claims, Ford acknowledged that he never believed the promised returns were realistically achievable over time. The DoJ’s statement further disclosed that Ford diverted the invested funds for his own personal gain and the benefit of co-conspirators, leaving investors at a significant financial loss.
Ford has pleaded guilty to one charge of wire fraud, which carries a maximum sentence of five years in prison.
Related topics:
Vitalik Buterin Weighs In on AI’s Promise and Perils
Oklahoma Senator Proposes Bitcoin Freedom Act to Empower Crypto Payments
