Travis Ford, former CEO of Wolf Capital Crypto Trading LLC, pleaded guilty to wire fraud conspiracy for running a crypto investment scam promising unrealistic returns, leading to investor losses. He faces up to five years in prison, with sentencing pending.
Last week, Travis Ford, 35, of Glenpool, pleaded guilty to one count of conspiracy to commit wire fraud. This was related to his job as CEO, co-founder, and head dealer of Wolf Capital Crypto Trading LLC.
From January to August 2023, the so-called investment company advertised itself on the internet through its website, social media, and other channels.
Court papers say Ford lied when he said he was an experienced trader who could make huge daily returns of 1% to 2%, which added up to an annual return of about 547%.
Wolf Capital CEO Confessions
Ford said he knew those kinds of returns were impossible, but he made them anyway to get people to invest. He stole the money and used it to help himself and his criminal partners, which cost investors a lot of money.
The plea was released by the Justice Department on Friday, January 10. Principal Deputy Assistant Attorney General Brent Wible and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shen talked about how big the scam was.
Ford could now spend up to five years in jail. A federal district court judge will decide the exact sentence. Before giving a final sentence, the court will look at the U.S. Sentencing Guidelines and other legal issues.
The date of the punishment has not been set yet.
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