Oklahoma man pleads guilty to $9.4 million crypto fraud, facing up to 5 years in prison for defrauding investors.

An Oklahoma man has pleaded guilty to running a crypto fraud scheme that defrauded nearly 2,800 investors. The total losses in the scheme were $9.4 million. Travis Ford, 35, from Glenpool, pleaded guilty in this scheme. He was the CEO and co-founder of Wolf Capital Crypto Trading LLC. Ford used the company to lure investors from January 2023 to August 2023, pushing it on the company’s website and social media.

In this scheme, Ford promised high returns to investors. According to him, people could earn 1-2% per day, which would equal about 547% per year. Ford also admitted that these returns were unattainable. He knew the promises were false but made them to find those who would put money into his faith healing project.

Ford misused the money instead of investing it. The funds went to him and his partners, and investors lost tremendous amounts of money. Ford said he raised just over $9.4 million from about 2,800 people.

Ford Faces Up to 5 Years in Prison for Crypto Fraud

Ford pleaded guilty to conspiracy to commit wire fraud. Ford could face up to five years in prison for this very serious crime. However, it is up to the judge to determine the precise sentence. The decision will be made by the judge who will take into account the U.S. Sentencing Guidelines and other legal factors. No sentencing date has been set.

U.S. Department of Justice and the U.S. Postal Inspection Service (USPIS) announced the case. The case was discussed by Brent Wible, Principal Deputy Assistant Attorney General, and Eric Shen, USPIS Inspector in Charge. They both stressed the need to fight fraud and prosecution against criminals. At the same time, they warned people to be careful with investing in cryptocurrency.

Moreover, this case is reminder to investors. Before investing in any opportunity, it is important for investors to do research. One thing is more important, promise of high returns is always doubtful. On the other hand, authentic companies will also be honest and explain risks, providing clear information. This step is helpful for people to protect themselves from crypto fraud.