Clarksville, Tennessee residents Michael and Amanda Griffis are facing charges of commodity fraud following a complaint filed by the Commodity Futures Trading Commission (CFTC) in the U.S. District Court for the Middle District of Tennessee. The Griffises allegedly defrauded over 100 people across the country in a multi-million dollar scheme operating from July 2022 to January 2023.
The CFTC alleges the couple, owners of a local real estate company, solicited funds from colleagues and customers to invest in a commodity pool dubbed “Blessings of God Thru Crypto.” They promised investors a safe investment in digital asset futures contracts with the potential for high profits, leveraging their existing business relationships to build trust. Despite lacking trading experience, the Griffises convinced investors to contribute over $6 million to the pool.
According to the complaint, over $4 million of the invested funds were quickly transferred to digital wallets beyond the defendants’ control and are considered unrecoverable. An additional $1 million was allegedly misappropriated by the Griffises to cover personal debts and purchases, including jewelry and an all-terrain vehicle. The remaining funds were used to make Ponzi-like payments to earlier investors, sustaining the scheme.
The CFTC is seeking restitution for defrauded participants, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations. Ian McGinley, Director of Enforcement, stated the defendants “betrayed their pool participants, and they profited from that betrayal.”
The CFTC cautions that victims may not be fully compensated, as the defendants may lack sufficient assets to cover the losses. The investigation was led by Elsie Robinson, Brett Shanks, Rachel Hayes, Christopher Reed, and Charles Marvine, with assistance from the Division of Enforcement’s Romance Investment Fraud Task Force.
Source: CFTC.gov
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