{"id":52279,"date":"2023-07-26T06:07:58","date_gmt":"2023-07-26T06:07:58","guid":{"rendered":"https:\/\/lydian.io\/?p=52279"},"modified":"2023-07-26T06:08:01","modified_gmt":"2023-07-26T06:08:01","slug":"cftc-charges-tennessee-couple-over-blessings-of-god-thru-crypto-scheme","status":"publish","type":"post","link":"https:\/\/lydian.io\/cftc-charges-tennessee-couple-over-blessings-of-god-thru-crypto-scheme\/","title":{"rendered":"CFTC charges Tennessee couple over 'Blessings of God Thru Crypto\u2019 scheme","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<div class='booster-block booster-read-block'>\n                <div class=\"twp-read-time\">\n                \t<i class=\"booster-icon twp-clock\"><\/i> <span>Read Time:<\/span>2 Minute, 26 Second                <\/div>\n\n            <\/div><p><\/p>\n<p>A Tennessee husband and spouse are going through prices over \u201cBlessings of God Via Crypto\u201d \u2014 an allegedly fraudulent funding scheme that swindled at the very least $6 million from over 100 victims in simply six months.<\/p>\n<p>A July 24 grievance from the Commodity Futures Buying and selling Fee (CFTC) mentioned Michael and Amanda Griffis used the connections they made of their actual property enterprise to persuade folks to fork their financial savings over to a multi-million greenback funding pool between July 2022 and January 2023. <\/p>\n<p>These included mortgage brokers and former clients of their actual property enterprise, it mentioned. <\/p>\n<p lang=\"en\" dir=\"ltr\">The CFTC charged husband and spouse realtors of Tennessee for working a $6M digital property commodity pool scheme. Study extra: <a rel=\"nofollow\" href=\"https:\/\/t.co\/pPq9hV8qeU\">https:\/\/t.co\/pPq9hV8qeU<\/a><\/p>\n<p>\u2014 CFTC (@CFTC) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/CFTC\/status\/1683833707390435328?ref_src=twsrc%5Etfw\">July 25, 2023<\/a><\/p>\n<p>\u201cRegardless of having no buying and selling or different related expertise, the defendants efficiently satisfied over 100 folks to ship them over $6 million to take part in a commodity pool referred to as \u2018Blessings of God Via Crypto,\u2019\u201d the CFTC <a rel=\"nofollow noopener\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8757-23\" target=\"_blank\">said<\/a>.<\/p>\n<p>As a part of the scheme pool contributors have been informed their funds can be used to commerce crypto futures contracts, nonetheless, not a single commerce was ever performed, mentioned the CFTC.<\/p>\n<p>\u201cThe defendants falsely represented that pool funds can be secure and underneath their management, that pool contributors may count on excessive beneficial properties, and that the defendants would use pool funds to commerce \u2018crypto futures.\u2019\u201d<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/d20a2d67-7bf2-46f2-a497-b076c6222d05.PNG\"\/>Excerpt from the futures buying and selling doc purportedly written by defendant Michael Griffis Supply: CFTC<\/p>\n<p>As an alternative, round $4 million of the pooled funds have been transferred to digital wallets outdoors of the Griffis\u2019 management and greater than $1 million have been misappropriated to repay private debt and costly gadgets over quite a few months, the CFTC alleged.<\/p>\n<p>This included $10,000 in faculty tuition for members of the family, $20,000 for an all-terrain car and $335,000 to repay bank card debt.<\/p>\n<p><strong>Associated: <\/strong><strong>CFTC points $54M default judgment towards dealer in crypto fraud scheme<\/strong><\/p>\n<p>The couple has been charged with defrauding over 100 victims and failing to register with the CFTC. <\/p>\n<p>In its grievance, it requested a everlasting injunction towards the Griifis and any potential collaborators, stopping them from collaborating in any future transactions involving commodity pursuits, together with full restitution to anybody that sustained losses from the scheme, and requested the courtroom impose civil penalties towards the Griffis. <\/p>\n<p>The CFTC warned full restitution will doubtless be troublesome provided that the alleged wrongdoers will doubtless have inadequate funds or property.<\/p>\n<p>In accordance with their respective LinkedIn profiles, Michael and Amanda Griffis are affiliated with Exit Realty Screamin\u2019 Eagle, primarily based in Clarksville, Tennessee. Amanda is listed as a \u201cDealer\/Co-Proprietor,\u201d whereas Michael is listed as a \u201cRealtor.\u201d<\/p>\n<p>Cointelegraph contacted the Griffis for remark however didn't instantly obtain a response. <\/p>\n<p><strong>Journal: <\/strong><strong>How good folks spend money on dumb memecoins \u2014 3-point plan for fulfillment<\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/cftc-charge-couple-blessings-of-god-crypto-investment-scheme\" rel=\u201dnofollow\u201d >Source link <\/a><\/p>\n        <div class=\"booster-block booster-reactions-block\">\n            <div class=\"twp-reactions-icons\">\n                \n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-1\" post-id=\"52279\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" 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