Travis Ford, co-founder and head trader of Wolf Capital, has pleaded guilty to wire fraud conspiracy, attracting 2,800 investors and raising over $9.4 million with false promises of high returns. From January to August 2023, Ford claimed he could generate daily returns of 1-2%, equating to an annualized return of approximately 547%. According to the US Department of Justice (DOJ), investors were lured through social media and online promotions, but their funds were misappropriated for the personal gain of Ford and his accomplices. Ford acknowledged the unrealistic nature of the promised returns. While a sentencing date has yet to be set, he faces a maximum penalty of five years in prison. This case is part of a broader crackdown on crypto scams globally, highlighting ongoing issues in the cryptocurrency landscape, including a recent spike in various fraud schemes and scams targeted at investors.

Source 🔗