A couple from Tennessee is currently facing charges related to an investment scheme called “Blessings of God Thru Crypto,” which the Commodity Futures Trading Commission (CFTC) alleges to be a fraudulent venture that duped more than 100 victims and collected at least $6 million within a mere six months.
The accused, Michael and Amanda Griffis, utilized their connections from their real estate business to persuade people, including mortgage brokers and former real estate customers, to invest their savings into a multi-million dollar crypto investment pool. Despite lacking any trading experience, the defendants successfully convinced over 100 individuals to hand over their funds for this venture.
CFTC Seeks Restitution for Crypto Victims
Under the guise of trading crypto futures contracts, the scheme promised high returns and assured participants that their funds would be securely managed by the Griffis couple. However, the CFTC asserts that no actual trades were ever executed. Instead, a substantial amount, approximately $4 million, was diverted to digital wallets outside of the Griffis’ control. Additionally, more than $1 million was misappropriated to cover personal debts and extravagant expenses, including college tuition, an all-terrain vehicle, and credit card debts.
The defendants now face charges of defrauding over 100 victims and failing to register with the CFTC. In response to the complaint, the CFTC is seeking a permanent injunction to prevent the Griffis couple and any potential collaborators from engaging in future commodity interest transactions. The commission also demands full restitution for the victims who suffered losses due to the scam and proposes imposing civil penalties on the Griffis.
However, the CFTC acknowledges that obtaining full restitution may prove challenging, as the accused individuals might not possess sufficient funds or assets to cover the losses. Meanwhile, Michael and Amanda Griffis are associated with Exit Realty Screamin’ Eagle, located in Clarksville, Tennessee, as per their LinkedIn profiles. Amanda is listed as a “Broker/Co-Owner,” while Michael holds the title of “Realtor.”
