A real-estate power couple allegedly swindled around $6 million from over 100 people through a crypto futures investment pool called “Blessings of God Thru Crypto” — the CFTC has said.
As part of the scheme pool participants were told their funds would be used to trade crypto futures contracts, however, not a single trade was ever conducted, said the CFTC.
“The defendants falsely represented that pool funds would be safe and under their control, that pool participants could expect high gains, and that the defendants would use pool funds to trade ‘crypto futures.’” Excerpt from the futures trading document purportedly written by defendant Michael Griffis Source: CFTC
Instead, around $4 million of the pooled funds were transferred to digital wallets outside of the Griffis’ control and more than $1 million were misappropriated to pay off personal debt and expensive items over a number of months, the CFTC alleged. This included $10,000 in college tuition for family members, $20,000 for an all-terrain vehicle and $335,000 to pay off credit card debt.
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