The CEO and co-founder of alleged cryptocurrency investment firm Wolf Capital has just pleaded guilty to his role in a Ponzi scheme that looted millions of dollars from investors.
According to the US Department of Justice (DOJ), Travis Ford used Wolf Capital’s website, social media, and online promotional activities to solicit investments between January 2023 and August 2023.
Court documents show the 35-year-old Oklahoma resident enticed investors by presenting himself as a sophisticated trader who could deliver high returns of 1% to 2% per day, or nearly 547% in one year.
“Ford made such false promises to induce members of the public to invest money in the company.”
Ministry of Justice He says Ford has now admitted that he does not believe it is possible to consistently achieve the promised returns.
Wolf Capital was able to raise $9.4 million from 2,800 investors, but Ford embezzled the money and diverted it to benefit himself and other conspirators, causing financial damage to investors.
On Thursday, he pleaded guilty to one count of conspiracy to commit wire fraud.
This crime is punishable by up to five years in prison, but a federal district court judge will determine the appropriate sentence after considering U.S. sentencing guidelines and other legal factors.
The court has not yet set a date for pronouncing the ruling.
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