🔥 BitDegree partnered with Ogvio - a free international money transfer service! Join the waitlist & grab Rewards! 🎁

Oklahoma Man Gets 5 Years for $9.4 Million Wolf Capital Fraud

Key Takeaways

  • ​Travis Ford received a five-year prison sentence and must repay over $1 million for leading a crypto scam through Wolf Capital;
  • Ford falsely promoted daily returns of 1% to 2% to attract investors, knowing such gains were not realistic or sustainable;
  • Over 2,800 people invested $9.4 million in the scheme, which collapsed after eight months of misleading promotions.

Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁

Oklahoma Man Gets 5 Years for $9.4 Million Wolf Capital Fraud

An Oklahoma man has been sentenced to five years in prison for leading a cryptocurrency investment scam that took in millions of dollars from investors before it collapsed.

Travis Ford was sentenced to 60 months in prison on November 13, according to an announcement by the Department of Justice. He will also be under supervised release for three more years once his prison term ends.

In addition to serving time, Ford has been ordered to pay more than $1 million and to repay around $170,000 to the victims.

What is a Liquidity Pool in Crypto? (Animated)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

He co-founded and led Wolf Capital, which he promoted as a platform offering strong returns from cryptocurrency trading. He told potential investors they could earn between 1% and 2% per day, an amount that would add up to more than 500% per year.

These claims were used to attract investors, though Ford later admitted he did not believe such returns were regularly possible.

Between January and August of 2023, Ford used the Wolf Capital website and social media to encourage people to invest. Over 2,800 individuals put in a total of about $9.4 million.

According to the Department of Justice, Ford presented himself as an experienced trader, despite knowing the advertised gains were unrealistic.

Prosecutors said Ford, along with others, misled the public to gain their trust and money. He later told investigators that between $4 million and $5 million had been paid back to investors before the company failed.

Recently, a US appeals court rejected a lawsuit brought by Michael Prime, a man convicted of identity theft. What did the judge say? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

GET EARLY REWARDS

Join Ogvio Waitlist
Rating
5.0