Simply put
- Travis Ford received a five-year prison sentence and three years of supervised release for operating a fraudulent cryptocurrency investment venture.
- His firm, Wolf Capital, attracted $9.4 million from about 2,800 investors.
- A lawyer for Mr. Ford mentioned he was influenced online by a figure known as “0x.”
Federal prosecutors have sentenced a man from Oklahoma to five years behind bars after he confessed to running a fraudulent cryptocurrency investment scheme that lasted eight months before it failed.
Travis Ford, 36, was sentenced to 60 months in prison and ordered to forfeit over $1 million, in addition to paying more than $170,000 in restitution, according to reports. The U.S. Department of Justice announced this on Friday.
In addition to prison time, Mr. Ford will serve three years of supervised release. He had pleaded guilty in January to one count of conspiracy to commit wire fraud.
As the co-founder and CEO of Wolf Capital, Ford advertised the firm as a high-yield trading platform, claiming daily returns of “1-2% per day, which amounts to about 547% annually,” according to court documents.
The firm collected around $9.4 million from approximately 2,800 investors, the filings indicate.
From January 2023 to August 2023, Ford solicited investments through the company’s website and social media, as well as other online promotional channels. Even though he understood that achieving such profits consistently was unrealistic, he still presented himself as a skilled trader capable of high returns.
Working with accomplices, Ford made false promises to attract public investment, as noted by prosecutors.
Details of the sentencing were first revealed on Thursday, as reported by local outlet Tulsa World.
Ford allegedly informed investigators that the Wolf Capital operation “paid” out between $4 million and $5 million to investors before collapsing, claiming that the rest was lost during his own trading activities.
In a written plea deal mentioned in local news, Ford acknowledged that he “does not believe it is feasible to consistently achieve these types of returns.”
One victim, who invested over $100,000, testified in court about his belief in Ford’s claims and expressed a hope for a harsher penalty. Ford reportedly responded by taking “full responsibility” for the harm caused and expressed his commitment to making amends.
A representative for Ford stated that their client had been involved with a group online known as “0x” and got “knee-deep into this mess.”
It’s interesting to note that “0x” is a common term in the cryptocurrency space, often used in online handles or as shorthand indicating a connection within the community.
Inquiries have been made to Ford’s legal team for comments and details regarding the individuals and groups referenced as 0x.
