Tennessee Couple Fined $6.8 Million for Crypto Fraud Scheme
- Michael and Amanda Griffis defrauded 145 investors out of $6.5 million through a fake crypto trading scheme.
- The fraudulent “Blessings of God Thru Crypto” commodity pool operated from 2021 to 2023, using a sham platform resembling the legitimate Apex platform.
- Over $4 million was funneled offshore, with only about $855,000 returned to participants in Ponzi-style payouts.
- The U.S. District Court ordered the couple to pay over $5.5 million in restitution and an additional $1.35 million as a civil penalty.
- The couple faces lifetime bans from commodity trading and CFTC registration.
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This case highlights how fraudsters exploit trust within community groups, with victims believing their funds would earn high returns through crypto futures trading under the guidance of a mysterious figure known as “Coach Wendy.” The Griffises used their real estate connections to lure investors into the scheme.
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Despite promises of high returns, more than $4 million disappeared through an illegitimate overseas exchange, leaving many investors with significant losses while only a fraction was returned in Ponzi-style payouts.
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