Founder of Cryptocurrency Investment Firm Sentenced to 5 Years in Prison for $9 Billion Ponzi Scheme

Jinse Finance reported that Oklahoma man Travis Ford has been sentenced to 60 months in prison and ordered to pay over $1 million in forfeiture and $170,000 in restitution for operating a cryptocurrency investment fraud scheme. As CEO and co-founder of Wolf Capital Crypto Trading LLC, Ford raised $9.4 million from approximately 2,800 investors through the company website and social media, falsely promising high daily returns of 1-2% (an annualized rate of about 547%). Ford has admitted that these returns could not be consistently achieved and confessed to misappropriating investor funds for personal and co-conspirator benefit. The case was investigated by the United States Postal Inspection Service and prosecuted by the Department of Justice Fraud Section.