A Tennessee couple, Michael and Amanda Griffis, have been accused of running a deceptive investment scheme called “Blessings of God Thru Crypto.” The alleged scam managed to swindle over $6 million from more than 100 victims in just half a year.
According to a complaint filed by the Commodity Futures Trading Commission (CFTC) on July 24, the Griffises utilized their connections from their real estate business to persuade people to invest their savings into a massive investment pool between July 2022 and January 2023. The victims included individuals such as mortgage brokers and former customers of their real estate ventures.
“Despite having no trading or other relevant experience, the defendants successfully convinced over 100 people to send them over $6 million to participate in a commodity pool called ‘Blessings of God Thru Crypto,’” the CFTC said.
The CFTC revealed that within the scheme pool, participants were promised that their funds would be utilized for trading crypto futures contracts. However, it has come to light that not even a single trade was ever executed, exposing the deception and fraudulent nature of the operation.
“The defendants falsely represented that pool funds would be safe and under their control, that pool participants could expect high gains, and that the defendants would use pool funds to trade ‘crypto futures.'”