The US Commodity Futures Trading Commission (CFTC) has filed a complaint against Tennessee residents Michael and Amanda Griffis. The CFTC accused them of scamming over 100 people using a crypto pool scheme between July 2022 and January 2023.
According to the charges, the couple used more than $6M raised from investors for personal costs rather than putting it in the commodities pool called "Blessings of God Thru Crypto." Investors were attracted by the couple's claims of huge profits and secure funds.
The CFTC aims to compensate the victims as well as penalize the couple. The goal is also to avoid future Commodity Exchange Act infractions.
CFTC Director of Enforcement Ian McGinley condemned the alleged scam. He emphasized how investors' confidence, who had solely sought secure investments with huge return potential, had been violated.