On 25 July, CFTC (Commodity Futures Trading Commission) issued a big announcement, as it drafts a case against Tennessee couple Amanda Griffis and Michael, Clarksville residents, in the Middle District Court of Tennessee.
According to the press release, both of the couples were charged with organising a fraudulent plan that scammed over 100 people across the United States. The complaint states that the couple’s fraudulent acts occurred over a six-month period, from July 2022 to January 2023.
The couple allegedly operated a multi-million dollar commodity pool operation known as “Blessings of God Thru Crypto” during this time, which offered attractive investment options to naive individuals looking for financial gain.
The scheme’s strategy was to lure investors in with promises of substantial returns and low risk. The promise of big earnings in the commodities market attracted potential investors.
The duo was successful in persuading victims to join their business with these alluring promises. They eventually succeeded in raising more than $6 million from clients, investors and private citizens.
According to legal requirements, anybody or any entity involved in commodities trading or pooling must register with the CFTC in order to be subject to regulatory scrutiny. Michael and Amanda added a finance law violation to their activities by failing to carry out this important duty.
However, the CFTC’s quick response of filing the complaint revealed the organization’s dedication to guarding investors from shady deals and offering adherence to financial standards. The Griffis would be among the newest people to incur the wrath of American regulators if they were proven guilty.
Notably, in the virtual currency ecosystem, fraudulent offerings are now more prevalent, which seems to be a trend that is advancing in conjunction with the development of the larger business.
Moreover, US officials have increased their attempts to hold these criminals accountable as the number of schemes has increased.
Ishan Wahi, a former product manager for Coinbase, was charged with insider trading offences, which is one of the high-profile instances. It appears that he made a deal with the US Securities and Exchange Commission (SEC) because he was ultimately sentenced to 2 years in prison.
 issued a big announcement, as it drafts a case against Tennessee couple.){kind=link}