The Commodity Futures Trading Commission (CFTC) has filed charges against a Tennessee couple, Michael and Amanda Griffis, for allegedly orchestrating a fraudulent crypto investment scheme called “Blessings of God Thru Crypto.”
Despite lacking any trading experience, the couple managed to persuade more than 100 victims, to invest over $6 million in the scheme within a span of six months. The victims include former customers and mortgage brokers from their real estate business.
The Deceptive Scheme
Under the guise of a crypto futures investment pool, the Griffis’ promised their pool participants high gains. Additionally, they assured them of the safety and control of their funds. However, the reality was far from the truth.
CFTC revealed that no actual trades were conducted with the investors’ money. Instead, the couple transferred approximately $4 million to digital wallets beyond their control. They also misappropriated over $1 million to pay off personal debts and luxury items, including college tuition, an all-terrain vehicle, and credit card debt.
Charges and Consequences
The CFTC has charged the couple with defrauding more than 100 victims and failing to register with the commission. In its complaint, the CFTC has requested a permanent injunction against the Griffis and any potential collaborators. This will prohibit them from engaging in any future transactions involving commodity interests.
Moreover, the commission seeks full restitution for the victims who suffered losses due to the fraudulent scheme. It also seeks that civil penalties be imposed on the Griffis.
However, the CFTC has warned that securing full restitution may prove to be challenging. This is majorly because the alleged wrongdoers are likely to lack sufficient funds or assets. The extent of the financial damage caused by the scam might hinder the complete recovery of the victims’ investments.
According to their LinkedIn profiles, Michael and Amanda Griffis are associated with Exit Realty Screamin’ Eagle, based in Clarksville, Tennessee. Amanda holds the position of “Broker/Co-Owner,” while Michael is listed as a “Realtor.”
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