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Ponzi Schemes In Forex Trading: How Tennessee Attorneys Can Help – / Local / Business / Two Real Estate Agents from Clarksville Charged with Fraud in $6 Million ‘Blessings of God Thru Crypto’ Scheme
Two Real Estate Agents from Clarksville Charged with Fraud in $6 Million ‘Blessings of God Thru Crypto’ Scheme
Ponzi Schemes In Forex Trading: How Tennessee Attorneys Can Help
CLARKSVILLE, TN (CLARKSVILLE NOW) – A pair of local real estate agents convinced more than 100 people to send them more than $6 million in a scheme called “God’s Blessings Through Crypto,” according to charges filed this week by the Commodity Futures Trading Commission.
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The CFTC filed the complaint in the United States District Court for the Middle District of Tennessee. to prosecute Michael and Amanda Griffis, owners of EXIT Realty Screamin’ Eagle in Clarksville.
The complaint charges the defendants with defrauding more than 100 people across the United States. and failed to register with the CFTC in connection with a multi-million dollar commodities pooling scheme they operated from July 2022 to January 2023, according to a CFTC press release.
The indictment alleges that the defendants had contact with associates and clients of their real estate business. and offers the opportunity to pool funds with others to trade futures, commodities, digital assets.
Even if there is no trading or other related experience. But the defendants falsely represented that the mutual funds would be safe and under their control. Pool participants may expect high profits. and that the defendants would use the mutual funds to trade “crypto futures” on the “Apex” trading platform” only with the guidance of a person identified as “Coach Wendy.”
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“As further alleged in the complaint. The defendants took advantage of their personal and professional relationships. This developed through their real estate business. to convince victims that the swimming pool project is legitimate,” the statement said.
The funds included more than $4 million of the $6 million claimed to have been sent to Instead, the “Apex trading platform” was quickly transferred to various digital wallets outside of the defendant’s control. and is now beyond recovery. Additionally, the defendants embezzled a total of approximately $1 million to pay off their own debts and to purchase various items. Including expensive jewelry and all-terrain vehicles.
“In an effort to prolong the life of the project as long as possible, The remainder of the mutual funds were misappropriated by the defendants to issue Ponzi payments,” the statement said. What next?
In its ongoing litigation, the CFTC is seeking to compensate defrauded class participants. civil monetary penalties Permanent trading ban and registration and a permanent injunction against further alleged violations of the Commodity Exchange Act and CFTC regulations.
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“As alleged The defendants promised Pool participants safe investments in digital asset futures with the potential for huge profits. This promise was backed by the trust the victims placed in the defendant,” said Ian McGinley, Director of Enforcement. “The defendant betrayed pool participants. And they benefited from that betrayal. Today’s filing reinforces the CFTC’s longstanding commitment to holding accountable those who take advantage of victims.”
The CFTC warns that orders requiring repayment to victims may not result in the recovery of lost funds. Because perpetrators may not have enough funds or assets, “the CFTC will continue to fight vigorously to protect customers. and to ensure that perpetrators are held accountable,” the statement said.
Customers and others can report suspicious activity or information, such as possible violations of trade fair laws. Go to the enforcement division Through the toll-free hotline 866-FON-CFTC (866-366-2382), submit a tip or complaint online. or contact the Whistleblower Office
Whistleblowers may be eligible to receive between 10 and 30 percent of sanction payments collected from the CFTC Customer Protection Fund, which is funded through sanction payments made to the CFTC by violators of the CEA scheme. A Ponzi scheme refers to fraud. Investments made by operators Returns for old investors through income paid by new investors Instead, they come from legitimate business activities or financial trading profits. People are lured into these schemes with promises of high returns in a short period of time. It is unbelievable that someone would commit fraud on such a large scale. Unfortunately, Ponzi schemes happen all the time. In fact These schemes have been around for centuries and are still fooling investors today. Here are ten of the biggest Ponzi schemes and alleged Ponzi schemes in history:
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The most infamous example is Charles Ponzi, who promised 50% returns in just 45 days and 100% returns in 90 days. Ponzi told investors that he was using their money to buy discount coupons in the mail. In other countries, it is then exchanged at face value in the United States. To make a profit for himself and his investors, however, that is not how he uses his money. A Ponzi uses new investors’ funds to pay returns to previous participants. Instead of investing as promised Also called Dubbed a “pyramid scheme,” this scam bilked investors out of $20 million (about $250 million today). The name Ponzi remains a byword for this type of fraud.
The Mutual Benefits Corporation is a life insurance company operating in Florida in the early 2000s. The company promised high returns to its investors and collected more than $800 million from them. However, this was all a Ponzi scheme. The company used New investors’ money to pay off old investors’ debts. They also created documents to make it look like their cash was well invested. In 2004, the company went bankrupt. and those involved have pleaded guilty to fraud charges. More than a dozen people have been convicted in the case, including project leader Joel Steinker, who was sentenced to 20 years in prison.
Yilishen Tianxi Group is a Chinese Ponzi scheme that bilked investors out of more than $2 billion between 1999 and 2007. This scam involved investing in traditional Chinese medicine made from ants. That’s just a cover-up. That’s just a cover-up. The company used new investors’ cash to pay off old investors and created fake documents to make it look like they were making money. In 2007, the fraud was revealed. And the company’s leader was sentenced to death after more than 200,000 people protested outside its headquarters. They claimed they had lost their life savings. It is reported that many people committed suicide as a result of Yilishen Tianxi.
While Charles Ponzi was an expert at defrauding people of their money, Bernie Madoff was a king. He carried out the largest financial fraud in history by taking advantage of his stellar fame as the former chairman of the NASDAQ stock exchange. Prosecutors estimated that he stole $65 billion from investors over 17 years. Madoff claims profits that Importantly and consistently through a trading plan called modular conversion. But this is just a tactic to lure investors and make them feel like they are safe. In fact He used new investors’ money to repay old clients until December 2008, when his returns were too high for him to keep up with payments. in april He died in prison before serving his 150-year sentence.
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Tom Petters is the mastermind behind one of the largest Ponzi schemes in history. It defrauded investors of nearly $4 billion. He runs many businesses. Including electronics recycling companies and joint ventures in Minnesota. But it all turned out to be a lie. He will use the money from new investors to pay off old investors. He also increased the prices of the products he sold to his customers. In 2008, Petters’ plans fell apart and he was arrested on fraud, money laundering and perjury charges. He is currently serving a 50-year sentence in federal prison.
Scott Rothstein is another Ponzi schemer who is serving a 50-year prison sentence. He runs one of the largest law firms in Florida. It raised $1.2 billion from investors. His project is very complicated. It involved more than 500 bank accounts in the United States, the Caribbean and Europe, as well as forged agreements with foreign governments to buy bonds or invest in clients of his law firm. He uses investors’ money to pay off old investors. Meanwhile, he spent lavishly on luxury items such as jewelry, sports cars and a Boeing 727. He pleaded guilty to multiple counts of fraud in 2010 and was sentenced to 50 years in prison.
R. Allen Stanford is the next in the line of pyramid schemers. He was convicted of fraud, conspiracy and money laundering in 2012 for a $7 billion investment scam. The Florida-based scheme involved certificates of deposit from Stanford International Bank. which claims to be above suspicion because it is based in the Caribbean. In fact The bank was a scam, and Stanford used new investors’ money to pay off old investors’ debts. He is accused of lying to as many as 30,000 investors, including members of his family. about the safety of their investments He was sentenced to 110 years in prison.
Bitconnect is a global cryptocurrency investment project that closed in January 2018. Its market capitalization reached $2.6 billion. before it was revealed to be a Ponzi scheme that defrauded investors. The value of the coin dropped immediately.
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