An Oklahoma man has admitted to organizing a cryptocurrency investment fraud scheme that defrauded nearly 2,800 investors out of $9.4 million.

Travis Ford, 35, of Glenpool, He begged He pleaded guilty yesterday to a charge of conspiracy to commit wire fraud in connection with his role as CEO, co-founder and head trader of Wolf Capital Crypto Trading LLC.

The alleged investment company operated from January 2023 to August 2023, promoting itself through its website, social media and other online platforms.

According to court documents, Ford falsely claimed to be a sophisticated trader capable of generating extraordinary daily returns of between 1-2%, which amounts to an annual return of approximately 547%.

Ford admitted that he knew such returns could not be achieved, but he made promises to attract investors anyway. He embezzled funds for himself and his co-conspirators, leaving investors with significant financial losses.

The Department of Justice announced the petition on Friday, January 10, with Principal Deputy Assistant Attorney General Brent Whipple and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shinn highlighting the scope of the fraudulent scheme.

Ford now faces up to five years in prison, with the sentence to be determined by a federal district court judge. The court will consider the U.S. Sentencing Guidelines and other legal factors before issuing a final ruling.

A date for sentencing has not yet been set.

This news came just two days after a federal grand jury convened in the Eastern District of Washington Charged A former pastor has been charged with 26 counts of fraud, alleging he masterminded a cryptocurrency scheme.