US court has sentenced Wolf Capital Crypto Trading founder to 5 years in prison

A US court has sentenced Travis Ford, the founder and head trader behind Wolf Capital Crypto Trading LLC, to five years in prison. According to the United States Department of Justice (DOJ), Ford must also forfeit more than $1 million and repay over $170,000 in restitution. Fraudulent promises land Wolf Capital’s founder in trouble From January to August 2023, Ford offered his investors returns of 1-2% per day, an annualized rate of approximately 547%, through “the company’s website and other social media and internet-based promotion activities” on platforms such as Telegram and Discord. Ford reportedly lied about the company’s financial status, diverted funds into personal accounts, used some for personal expenses, and also incurred large amounts of trading losses. While all of these were happening, US prosecutors claim that Ford was still soliciting funds from existing and new investors. By mid-2023, however, the scheme began to crumble as investors began...

https://www.cryptopolitan.com/wolf-capital-founder-sentence-ponzi-scheme/