An Oklahoma man has been sentenced to 5 years in jail for main a cryptocurrency funding rip-off that took in hundreds of thousands of {dollars} from buyers earlier than it collapsed.
Travis Ford was sentenced to 60 months in jail on November 13, in line with an announcement by the Division of Justice. He can even be underneath supervised launch for 3 extra years as soon as his jail time period ends.
Along with serving time, Ford has been ordered to pay greater than $1 million and to repay round $170,000 to the victims.
Do you know?
Subscribe – We publish new crypto explainer movies each week!
Finest Sorts of Blockchains Revealed (5 Animated Guidelines)
He co-founded and led Wolf Capital, which he promoted as a platform providing robust returns from cryptocurrency buying and selling. He instructed potential buyers they may earn between 1% and a pair of% per day, an quantity that might add as much as greater than 500% per yr.
These claims had been used to draw buyers, although Ford later admitted he didn’t imagine such returns had been recurrently attainable.
Between January and August of 2023, Ford used the Wolf Capital web site and social media to encourage folks to speculate. Over 2,800 people put in a complete of about $9.4 million.
In keeping with the Division of Justice, Ford offered himself as an skilled dealer, regardless of figuring out the marketed positive aspects had been unrealistic.
Prosecutors stated Ford, together with others, misled the general public to achieve their belief and cash. He later instructed investigators that between $4 million and $5 million had been paid again to buyers earlier than the corporate failed.
Not too long ago, a US appeals court docket rejected a lawsuit introduced by Michael Prime, a person convicted of identification theft. What did the choose say? Learn the complete story.
