The CEO and co-founder of purported cryptocurrency investment firm Wolf Capital just pleaded guilty to his role in a Ponzi scheme that looted millions of dollars from investors.
According to the U.S. Department of Justice (DOJ), Travis Ford used Wolf Capital’s website, social media and internet-based promotional activities to solicit investments between January 2023 and August 2023.
Court documents show that the 35-year-old Oklahoma resident enticed investors by presenting himself as a sophisticated trader who can give high returns of 1% to 2% per day, or approximately 547% in one year.
“Ford made such false promises to induce members of the public to invest money in the company.”
The DOJ says Ford has now admitted that he did not believe it is possible to consistently deliver the promised returns.
Wolf Capital managed to raise $9.4 million from 2,800 investors, but Ford misappropriated and diverted the funds to benefit himself and other conspirators, causing financial damage to the investors.
On Thursday, he pleaded guilty to one count of conspiracy to commit wire fraud.
The crime is punishable by up to five years of prison time, but a federal district court judge will determine the appropriate sentence after considering US sentencing guidelines and other statutory factors.
The court has not yet set the sentencing date.
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