An individual from Oklahoma has confessed to executing a cryptocurrency investment fraud scheme that misled nearly 2,800 investors out of $9.4 million.

Travis Ford, 35, from Glenpool, pleaded guilty yesterday to one charge of conspiracy to commit wire fraud as part of his role as CEO, co-founder, and lead trader of Wolf Capital Crypto Trading LLC.

The alleged investment firm functioned from January 2023 to August 2023, promoting itself via its website, social media channels, and other online platforms.

According to court filings, Ford made false assertions about being a skilled trader who could provide remarkable daily returns of 1-2%, translating to an annual return of around 547%.

Ford acknowledged that he understood these returns were unachievable but continued to make such promises to entice investors. He misappropriated the funds for his own benefit and that of his co-conspirators, resulting in substantial financial losses for investors.

The Justice Department revealed the plea on Friday, Jan. 10, with Principal Deputy Assistant Attorney General Brent Wible and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shen underscoring the extent of the fraudulent operation.

Ford now faces a potential sentence of up to five years in prison, with the exact sentence to be determined by a federal district court judge. The court will review the U.S. Sentencing Guidelines and other legal factors before finalizing the sentence.

A specific sentencing date has yet to be established.

This announcement came just two days after a federal grand jury in the Eastern District of Washington charged a former pastor with 26 counts of fraud, alleging he orchestrated a cryptocurrency scheme.