A company that is changing the way the world mines bitcoin

crypto.news 2025-01-12 23:40:46

Wolf Capital CEO pleads guilty in $9.4m crypto fraud case

An Oklahoma man admitted to orchestrating a cryptocurrency investment fraud scheme that duped nearly 2,800 investors out of $9.4 million. Travis Ford, 35, of Glenpool, pleaded guilty yesterday to one count of conspiracy to commit wire fraud in connection with his role as CEO, co-founder, and head trader of Wolf Capital Crypto Trading LLC. The purported investment firm operated from January 2023 to August 2023, promoting itself through its website, social media, and other internet platforms. You might also like: Micheal Saylor hints at another Bitcoin purchase as holdings reach 447,470 BTC According to court documents, Ford falsely claimed to be a sophisticated trader capable of delivering extraordinary daily returns of 1-2%, amounting to an annual return of approximately 547%. Ford admitted that he knew such returns were unattainable but made promises to lure investors anyway. He misappropriated the funds to benefit himself and his co-conspirators, leaving investors with significant financial losses. The Justice Department announced the plea on Friday, Jan. 10, with Principal Deputy Assistant Attorney General Brent Wible and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shen highlighting the fraudulent scheme’s scope. Ford now faces up to five years in prison, with sentencing to be determined by a federal district court judge. The court will consider the U.S. Sentencing Guidelines and other statutory factors before issuing a final sentence. A sentencing date has not yet been set. The news came just two days after a federal grand jury in the Eastern District of Washington charged a former pastor with 26 counts of fraud, alleging he masterminded a cryptocurrency scheme. Read more: NFT market defies crypto dip, Do Kwon trial date set, North Dakota eyes Bitcoin | Weekly Recap