The Commodity Futures Trading Commission (CFTC) has filed charges against Michael and Amanda Griffis of Clarksville, Tennessee, according to a statement issued by the Commission. The complaint charges the defendants with defrauding over 100 people and failing to register with the CFTC in connection with a commodity pool scheme.
The CFTC claims that the defendants convinced people to combine their funds in a pool to trade digital asset futures contracts totaling $6 million. The commodity pool was called “Blessings of God Thru Crypto.” The Griffis were said to have leveraged their personal and professional relationships developed in their real estate business to influence individuals to give them their money.
The CFTC complaint states that over $4 million in pool funds were transferred to a variety of digital wallets outside the control of the defendants and are now beyond recovery.
The defendants also allegedly misappropriated approximately $1 million of the funds to pay their debts and purchase various items, including jewelry and an all-terrain vehicle.
To keep the Blessings of Good pool going, the defendants allegedly made Ponzi-like payments for redemption requests.
CFTC Director of Enforcement Ian McGinley said the allegations indicate that the defendants promised safe returns and huge profit potential but these beliefs were misplaced.
“Today’s filing reinforces the CFTC’s long-standing commitment to hold accountable those who take advantage of victims.”
The CFTC cautioned that attempts to recover funds may fall short.
