Travis Ford, the co-founder of Wolf Capital Crypto Trading Company, has pleaded guilty to defrauding thousands of investors to the tune of $9 million by luring them with unrealistic gains. Ford is facing a maximum sentencing of five years in prison for wire fraud and the sentencing will be carried out by a district federal judge in Oklahoma.
According to a statement issued by the U.S. Department of Justice (DoJ), 35-year-old Ford has been accused of soliciting investments from January to September 2023, from a total of 2800 investors in U.S. and worldwide. The investigation was carried out by US Postal Inspection Service (USPIS) Criminal Investigation Group.
“Ford held himself out as a sophisticated trader able to deliver high returns of 1-2% per day (approximately 547% per year). He admitted that he did not believe those promised investment returns were possible to achieve consistently. Ford made such false promises to induce members of the public to invest money in the company. He misappropriated and diverted investor funds to benefit himself and his co-conspirators, to the financial detriment of investors,” read a statement issued by US DoJ.
According to DoJ prosecutors, Ford has pleaded guilty to one count of wire fraud, the punishment of which is maximum five years jail term.
Also Read: Cambodia Crypto Fraud Mastermind traced to UP in India: Police
