Wolf Capital Crypto co-founder Travis Ford has pled guilty for his role in a massive $9.4 million Ponzi scheme, pleading guilty to wire fraud conspiracy. Between January and August 2023, Ford successfully defrauded 2,800 investors by promising daily returns of 1-2%, which, in theory, would amount to a massive annual rate in the range of 500%.
Travis Ford, a 35-year-old trader from Oklahoma, living in Texas, founded Wolf Capital Crypto Trading LLC in January 2023. According to his own words, Travis made a small fortune trading commodities during the Covid time, transferred it to crypto and started trading there. After a few successful trades, he decided to onboard investors. The firm operated 8 months.
The Department of Justice said, “Ford pleaded guilty to one count of conspiracy to commit wire fraud, for which he faces a maximum penalty of five years in prison. A sentencing date has not yet been set.” Ford admitted in court that he knew the returns were not at all realistic and that the promises were made to attract new, unsuspecting investors. The case serves as another warning of the risks associated with investment in the crypto-market, particularly around promises of high returns.
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