Oklahoma man Travis Ford was sentenced to 60 months in prison for operating a cryptocurrency investment fraud scheme and was ordered to pay over 1 million dollars in forfeiture and 170,000 dollars in restitution. As the CEO and co-founder of Wolf Capital Crypto Trading LLC, Ford raised 9.4 million dollars from about 2,800 investors through the company website and social media, falsely promising high returns of 1-2% daily (approximately 547% annualized). Ford has admitted that these returns were unsustainable and acknowledged misappropriating investor funds for personal and accomplice benefits. The case was investigated by the U.S. Postal Inspection Service and prosecuted by the Department of Justice fraud division.
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The founder of a cryptocurrency investment firm has been sentenced to five years in prison for running a $9 billion Ponzi scheme.
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