An Oklahoma man has been sentenced to 5 years in jail for main a cryptocurrency funding rip-off that took in tens of millions of {dollars} from buyers earlier than it collapsed.
Travis Ford was sentenced to 60 months in jail on November 13, in keeping with an announcement by the Division of Justice. He will even be underneath supervised launch for 3 extra years as soon as his jail time period ends.
Along with serving time, Ford has been ordered to pay greater than $1 million and to repay round $170,000 to the victims.
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He co-founded and led Wolf Capital, which he promoted as a platform providing sturdy returns from cryptocurrency buying and selling. He instructed potential buyers they might earn between 1% and a couple of% per day, an quantity that may add as much as greater than 500% per 12 months.
These claims had been used to draw buyers, although Ford later admitted he didn’t consider such returns had been usually potential.
Between January and August of 2023, Ford used the Wolf Capital web site and social media to encourage folks to speculate. Over 2,800 people put in a complete of about $9.4 million.
In response to the Division of Justice, Ford offered himself as an skilled dealer, regardless of figuring out the marketed good points had been unrealistic.
Prosecutors stated Ford, together with others, misled the general public to realize their belief and cash. He later instructed investigators that between $4 million and $5 million had been paid again to buyers earlier than the corporate failed.
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