The Commodity Futures Trading Commission (CFTC) has filed a complaint against a Tennessee couple for allegedly defrauding over 100 people in a crypto pool scheme.
In a new press release, the CFTCÂ announced that they are filing a complaint against Michael and Amanda Griffis for allegedly running a multi-million dollar pool that defrauded investors.
The alleged scheme ran for about six months, from July 2022 to January 2023.
According to the CFTC, the couple managed to persuade over 100 individuals to invest more than $6 million into a commodity pool called “Blessings of God Thru Crypto.” They offered high returns and reassured investors that their funds would be secure. However, the couple misused the money for their personal expenses and utilized “Ponzi-like payments” to continue the scheme.
Says CFTC Director of Enforcement Ian McGinley,
“As alleged, the defendants promised pool participants a safe investment in digital asset futures contracts with huge profit potential. The promises were underpinned by the trust the victims placed in the defendants.
The defendants betrayed their pool participants, and they profited from that betrayal. Today’s filing reinforces the CFTC’s long-standing commitment to hold accountable those who take advantage of victims.”
The CFTC is aiming to provide compensation for those who have suffered losses, impose fines for wrongdoing, and prohibit further violations of the Commodity Exchange Act (CEA) and CFTC regulations.
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