Crypto investment firm founder admits using Ponzi scheme to defraud thousands of investors of $9.40 million
On January 11, according to an announcement released by the Department of Justice, an Oklahoma man has pleaded guilty to his involvement in a cryptocurrency investment fraud conspiracy. According to court documents, Travis Ford, 35, from Glenpool, is the CEO, co-founder and chief trader of Wolf Capital Crypto Trading LLC (Wolf Capital), a so-called cryptocurrency investment firm. From January 2023 to August 2023, Ford solicited investment through Wolf Capital's website and other social media and internet-based promotions. Ford describes himself as a seasoned trader, able to generate high returns of 1-2% per day (about 547% per year). Ford admits that he does not believe that those promised investment returns will continue to materialize. Ford made such false promises to induce the public to invest in the company. Ford misappropriated and transferred investor funds to benefit himself and his co-conspirators, harming the financial interests of investors. Wolf Capital raised $9.40 million from approximately 2,800 investors through fraud.