Travis Ford, the 35-year-old CEO of Wolf Capital Crypto Trading LLC, has pleaded guilty to orchestrating a cryptocurrency fraud that defrauded nearly 2,800 investors out of $9.4 million.
Ford, from Glenpool, Oklahoma, admitted to one count of conspiracy to commit wire fraud, acknowledging his role in the fraudulent activities carried out by the investment firm from January to August 2023. The company, which promoted itself through its website, social media, and other online platforms, falsely claimed to offer sophisticated cryptocurrency trading strategies capable of generating exceptional returns.
Court documents reveal that Ford promised investors daily returns of 1-2%, which would result in an annual return of around 547%. Despite knowing that such returns were impossible, Ford continued to make these false claims to attract investments, using the funds for personal gain and that of his co-conspirators. The scheme left investors with significant financial losses.
The U.S. Department of Justice announced Ford’s guilty plea on January 10. Principal Deputy Assistant Attorney General Brent Wible and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shen highlighted the scale and impact of the fraud.
Ford now faces a maximum sentence of five years in prison, though the final sentence will be determined by a federal district court judge. Sentencing will take into account federal guidelines and other statutory factors. A sentencing date has yet to be set.
This development follows closely on the heels of another crypto-related case, where a former pastor was charged with 26 counts of fraud for his involvement in a separate cryptocurrency scheme.
Related topics:
DOJ Approved to Liquidate $6.5B in Seized Bitcoin
FTX Refutes Backpack’s Claim of Acquiring FTX EU
Andrew Tate Unveils BRUV Party with Radical Bitcoin-Centric Policies
