A Tennessee-based couple, Michael and Amanda Griffis, have been accused of masterminding a crypto scam termed “Blessings of God Thru Crypto.” Allegedly, this fraudulent plot stripped at least $6 million from more than 100 victims within a period of six months, according to a complaint issued by the Commodity Futures Trading Commission (CFTC) on July 24.
Capitalizing on the relationships they had established through their real estate business, the Griffises persuaded individuals to invest their savings into a multimillion-dollar investment pool from July 2022 to January 2023. These investors consisted primarily of mortgage brokers and former clients from their real estate venture.
According to the CFTC, “The defendants, despite lacking relevant trading experience, managed to persuade more than 100 individuals to contribute over $6 million to a commodity pool, ‘Blessings of God Thru Crypto’.”
Participants in the scheme were led to believe their funds would be utilized for trading cryptocurrency futures contracts. However, the CFTC asserts that no trades were ever executed. The Griffises purportedly made false claims that the pool funds would be safe under their control, promising high returns, and assured investors that their contributions would be used to trade ‘crypto futures’.
In reality, approximately $4 million of the pooled funds were transferred to digital wallets outside the couple’s control. More than $1 million was allegedly diverted to pay for personal expenses and luxurious items over several months. This includes expenditures such as $10,000 for relatives’ college tuition, $20,000 for an all-terrain vehicle, and a staggering $335,000 to clear credit card debt.
The couple now faces charges for defrauding over 100 victims and for failing to register with the CFTC. The commission’s complaint seeks a permanent injunction to prohibit the Griffises and any potential associates from partaking in any future transactions involving commodity interests. The CFTC also demands full restitution for the victims of the scheme and is urging the court to impose civil penalties on the couple.
However, the CFTC acknowledges that obtaining full restitution could prove challenging, considering the alleged culprits are likely to have insufficient funds or assets to cover the losses.
The Griffises are associated with Exit Realty Screamin’ Eagle, located in Clarksville, Tennessee, according to their LinkedIn profiles. Amanda is identified as a “Broker/Co-Owner,” and Michael as a “Realtor.”
Attempts to reach out to the Griffises for a comment have so far been unfruitful.
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