Wolf Capital Founder Pleads Guilty in $9.4M Fraud
Date: 2025-01-13 Author: Oliver Abernathy Categories: BUSINESS
Ford, who was also the organization’s head trader, raised investments through the official Wolf Capital website and promoted his activities on social media from January to August 2023. He presented himself as an experienced trader, promising his clients daily profits of 1-2%. However, as it turned out, these promises were false.
According to the US Department of Justice, Ford knew that he could not guarantee such returns to investors, but continued to convince them to invest. Instead of using the funds for investments, he used them for personal purposes, distributing the received money among himself and his accomplices. This led to significant financial losses for investors who were deceived by promises of a stable income.
Travis Ford pleaded guilty to conspiracy to commit wire fraud. He faces up to five years in prison, but a sentencing date has not yet been set.
The case is part of a larger problem with cryptocurrency scams. In October 2024, a New York court sentenced the main organizer of the Forcount cryptocurrency pyramid, also known as Weltsys, to 20 years in prison and ordered him to pay $3.6 million in compensation to victims. While the founder of another crypto scheme, USI-Tech, managed to escape from house arrest.
Cryptocurrency scams continue to raise alarm among regulators, as many investors fall victim to such schemes.
