CFTC Charges Tennessee Couple Over 'Blessings of God Thru Crypto' Scheme

Despite having no trading experience, a Tennessee couple convinced 100 people to donate their money for a pool of uniquely named crypto investment.

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A husband and wife in Tennessee are facing charges for "Blessings of God Thru Crypto," an allegedly fraudulent investment scheme that defrauded at least $6 million from more than 100 victims in just six months.

A July 24 complaint from the Commodity Futures Trading Commission said that Michael and Amanda Griffis used the relationships they had established in their real estate business to convince people to pour their savings into an investment pool of several million between July 2022 and January 2023. .

These included mortgage brokers and former clients of their real estate business, he said.

The CFTC has accused the husband and wife of Tennessee realtors of running a $6 million digital asset pooling scheme. Learn more: https://t.co/pPq9hV8qeU

— CFTC (@CFTC) July 25, 2023

"Despite having no trading or other relevant experience, the defendants managed to convince over 100 people to send them over $6 million to participate in a commodity pool called 'Blessings of God Thru Crypto' "," the CFTC said.

As part of the program, participants were told that their funds would be used to trade crypto futures, but no trades were ever made, the CFTC said.

"Defendants falsely stated that the mutual funds would be safe and under their control, that participants in the pool could expect high gains, and that the defendants would use the mutual funds to trade 'crypto futures'.< /p>

Excerpt from futures trading document allegedly written by accused Michael Griffis Source: CFTC

Instead, approximately $4 million...