Tennessee residents, Michael and Amanda Griffis, who are also a couple have come under fire for their alleged involvement in a fraudulent investment scheme known as “Blessings of God Thru Crypto.” The couple is accused of deceiving more than 100 victims and swindling a staggering $6 million in a mere six months.
According to a complaint filed by the Commodity Futures Trading Commission (CFTC) on July 24, the Griffises leveraged their connections within the real estate business to lure unsuspecting individuals into participating in their supposed multi-million dollar investment pool. This fraudulent operation took place between July 2022 and January 2023 and targeted mortgage brokers and former customers of their real estate business.
Despite lacking any relevant experience in trading or finance, the couple managed to convince over 100 people to entrust them with their hard-earned savings under the guise of participating in a commodity pool specifically focused on trading crypto futures contracts. However, the investigation by the CFTC revealed that not a single trade was ever conducted on behalf of the victims.
Despite having no trading or other relevant experience, the defendants successfully convinced over 100 people to send them over $6 million to participate in a commodity pool called ‘Blessings of God Thru Crypto
The CFTC said in its statement.
Promises of safety and substantial gains were made to pool participants, leading them to believe that their investments were in capable hands. Unfortunately, the reality was far from the truth. Instead of using the funds for trading as promised, the Griffises transferred a significant portion, approximately $4 million, to digital wallets beyond their control. Shockingly, they also misappropriated over $1 million to settle personal debts and indulge in extravagant expenses over several months. Among the questionable expenses were $10,000 spent on family members’ college tuition, $20,000 on an all-terrain vehicle, and a staggering $335,000 used to pay off credit card debts.
As a consequence of their fraudulent actions, the couple is now facing charges of defrauding over 100 victims and failing to register with the CFTC. In response to the complaint, the CFTC has requested a permanent injunction against the Griffises and any potential collaborators, effectively prohibiting them from engaging in any future transactions involving commodity interests. Additionally, the CFTC is seeking full restitution for those who suffered losses due to the deceptive scheme and is considering imposing civil penalties on the couple.
However, the path to full restitution may prove challenging, as the accused wrongdoers may lack sufficient funds or assets to compensate all victims adequately. Michael and Amanda Griffis, who were previously associated with Exit Realty Screamin’ Eagle in Clarksville, Tennessee, held positions of “Realtor” and “Broker/Co-Owner,” respectively.
In another shocking incident, a New York couple, Ilya Lichtenstein and Heather Morgan, have also been embroiled in a massive Bitcoin laundering scheme. Although not involved in the actual hacking of Bitfinex’s network, the couple allegedly conspired to launder billions of dollars worth of Bitcoin stolen during the infamous 2016 Bitfinex hack. Investigators traced the stolen digital currency to accounts owned by the duo, leading to their indictment in February of the previous year.
Their ill-gotten gains had soared to an astonishing $4.5 billion by the time of their arrest. Prosecutors managed to seize over $3.6 billion in Bitcoin linked to the hack, making it one of the largest cryptocurrency-related cases in history.
This case serves as a stark reminder for individuals to exercise extreme caution when investing and to conduct thorough research before entrusting their hard-earned money to anyone, no matter how trustworthy they may seem. The consequences of falling victim to such fraudulent schemes can be devastating, both financially and emotionally, leaving individuals and families in dire straits and underscoring the importance of increased vigilance in the ever-evolving world of investments and cryptocurrencies.