The founder of a cryptocurrency investment company was sentenced to 5 years in prison for a $9 billion Ponzi scheme

According to an official announcement, Travis Ford, a man from Oklahoma, has been sentenced to 60 months in prison for operating a cryptocurrency investment fraud scheme and has been ordered to forfeit over $1 million and pay $170,000 in restitution.

As the CEO and co-founder of Wolf Capital Crypto Trading LLC, Ford raised $9.4 million from approximately 2,800 investors through the company's website and social media, falsely promising high returns of 1-2% per day (approximately 547% annualized). Ford has admitted that these return rates were unsustainable and acknowledged misappropriating investor funds for personal and conspiratorial benefits. The U.S. Postal Inspection Service was responsible for investigating the case, and the Department of Justice's fraud division prosecuted it.