A Tennessee husband and wife, Michael and Amanda Griffis, are in hot water as they face charges over an allegedly fraudulent investment scheme named “Blessings of God Thru Crypto.”
The Commodity Futures Trading Commission (CFTC) lodged a complaint on July 24, revealing that the couple used their real estate business connections to lure over 100 victims into investing more than $6 million into a digital assets commodity pool between July 2022 and January 2023.
According to the CFTC, the victims included mortgage brokers and former customers of the Griffis’ real estate business.
Despite having no experience in trading or relevant expertise, the couple managed to convince these individuals that their funds would be used to trade cryptocurrency futures contracts in the commodity pool.
However, the CFTC’s investigation revealed that not a single trade was conducted, and the funds were misused by the Griffis.
Approximately $4 million from the pool was transferred to digital wallets beyond their control, while over $1 million was misappropriated to pay off personal debts and purchase expensive items over several months.
This included $10,000 spent on family members’ college tuition, $20,000 for an all-terrain vehicle, and a whopping $335,000 to pay off credit card debts.
The CFTC accused the couple of falsely reassuring participants that their funds were secure and would yield high profits through crypto futures trading.
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However, the reality was far from their claims, and the victims fell prey to the scheme.
As a result of their actions, the Griffis’ have been charged with defrauding over 100 victims and also for failing to register with the CFTC, which is required when operating such investment schemes.
In response to the complaint, the CFTC is seeking a permanent injunction against the Griffis and any potential collaborators, prohibiting them from engaging in any future transactions involving commodity interests.
They are also pushing for full restitution to be provided to the victims who sustained losses due to the scam.
Additionally, the CFTC has requested the court to impose civil penalties against the couple.
However, the CFTC cautioned that securing full restitution may prove to be challenging as the alleged wrongdoers are likely to have insufficient funds or assets to cover the losses incurred by the victims.
Michael and Amanda Griffis are affiliated with Exit Realty Screamin’ Eagle based in Clarksville, Tennessee, according to their LinkedIn profiles.
Amanda is listed as a “Broker/Co-Owner,” while Michael holds the title of “Realtor.”
Cointelegraph reached out to the Griffis for comment but did not receive an immediate response.
The investigation and legal proceedings are ongoing as authorities seek justice for the victims affected by this deceitful crypto investment scheme.
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