A cryptocurrency firm’s CEO and co-founder has confessed to running a massive Ponzi scheme. Travis Ford, 35, pleaded guilty to defrauding thousands of investors out of $9.4 million.
False Promises and Fast Returns
Ford, operating Wolf Capital, lured investors with promises of incredibly high returns – 1% to 2% daily, or a staggering 547% annually. He used the company website and social media to spread these misleading claims between January and August 2023. Ford admitted to investigators that these returns were impossible to achieve consistently.
Millions Lost, Guilty Plea Entered
Wolf Capital collected $9.4 million from approximately 2,800 investors. However, instead of investing the money, Ford misused the funds for personal gain and to enrich others involved in the scheme. On Thursday, he pleaded guilty to one count of conspiracy to commit wire fraud.
Facing Prison Time
Ford now faces up to five years in prison. The judge will determine his final sentence based on sentencing guidelines and other legal factors. A sentencing date has yet to be set.
