Crypto Fraud: CFTC Files Complaint Against Tennessee Couple
The Commodity Futures Trading Commission (CFTC) reveals a complaint filed against a couple from Tennessee.
The couple stands accused of defrauding over 100 individuals through a crypto pool scheme, amounting to millions of dollars.
The alleged fraudulent operation spanned approximately six months, starting in July 2022 and ending in January 2023.
During this period, the couple convinced more than 100 investors to contribute over $6 million to a commodity pool named "Blessings of God Thru Crypto."
Promising high returns and ensuring the safety of the funds, the couple exploited the trust placed in them by the investors.
However, instead of securing the investments as promised, the couple misappropriated the funds for personal expenses and sustained the scheme through "Ponzi-like payments."
CFTC's Director of Enforcement, Ian McGinley, stated:
"As alleged, the defendants promised pool participants a safe investment in digital asset futures contracts with huge profit potential. The promises were underpinned by the trust the victims placed in the defendants. The defendants betrayed their pool participants, and they profited from that betrayal. Today's filing reinforces the CFTC's long-standing commitment to hold accountable those who take advantage of victims.”