According to Mars Finance, an Oklahoma man named Travis Ford has been sentenced to 60 months in prison for operating a cryptocurrency investment fraud scheme and ordered to pay over $1 million in forfeitures and $170,000 in restitution. As CEO and co-founder of Wolf Capital Crypto Trading LLC, Ford raised $9.4 million from approximately 2,800 investors through the company's website and social media, falsely promising daily returns of 1-2% (approximately 547% annualized). Ford has admitted that these returns were unsustainable and admitted to misappropriating investor funds for personal and collusive gain. The U.S. Postal Inspection Service investigated the case, and the Department of Justice's Fraud Division prosecuted the case.
The founder of a cryptocurrency investment firm has been sentenced to five years in prison for running a $9 billion Ponzi scheme.
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