{"id":40826,"date":"2023-07-26T15:48:22","date_gmt":"2023-07-26T19:48:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/cftc-files-complaint-against-clarksville-couple-for-6-million-digital-assets-scheme\/"},"modified":"2023-07-26T15:48:24","modified_gmt":"2023-07-26T19:48:24","slug":"cftc-files-complaint-against-clarksville-couple-for-6-million-digital-assets-scheme","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40826","title":{"rendered":"CFTC Files Complaint Against Clarksville Couple for $6 Million Digital Assets Scheme"},"content":{"rendered":"
\n

The Commodity Futures Trading Commission (CFTC) has filed a complaint against a couple in Tennessee who convinced people to pay into an investment pool called \u201cBlessings of God Thru Crypto.\u201d<\/p>\n

The couple, identified as Michael and Amanda Griffis of Clarksville, Tennessee, defrauded more than 100 people across the United States for over $6 million as part of the trading scheme they operated from July 2022 to January 2023, the CFTC said in a press release.<\/p>\n

It added that the couple had failed to register their trading pool scheme with the CFTC as required.<\/p>\n

\u201cIn its continuing litigation, the CFTC seeks restitution to defrauded pool participants, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged,\u201d the agency said.<\/p>\n

<\/oembed><\/figure>\n

No trading experience<\/h2>\n

According to the CFTC, the couple managed to convince the investors to participate despite having no trading experience at all.<\/p>\n

The investors included mortgage brokers and customers the couple knew from a real estate business they operated.<\/p>\n

The investors were allegedly told that the money they handed over would be used to trade crypto through futures contracts, but no trades were ever made.<\/p>\n

Instead of making futures trades, the money was sent to crypto wallets that were outside of the couple\u2019s control, the CFTC said, adding that those funds are now \u201cbeyond recovery.\u201d<\/p>\n

Additionally, over $1 million was used on other things unrelated to crypto, such as expensive jewelry, an all-terrain vehicle (ATV) and paying off personal debt.<\/p>\n

\u201cAs alleged, the defendants promised pool participants a safe investment in digital asset futures contracts with huge profit potential,\u201d said CFTC Director of Enforcement Ian McGinley.<\/p>\n

\u201cThe defendants betrayed their pool participants, and they profited from that betrayal. Today\u2019s filing reinforces the CFTC\u2019s long-standing commitment to hold accountable those who take advantage of victims,\u201d he added.<\/p>\n<\/p><\/div>\n