Tennessee Couple Allegedly Defrauded Over 100 Victims in $6 Million Commodity Pool Scam

The CFTC has filed a July 25 complaint in the US District Court against Michael and Amanda Griffis, two residents of Clarksville, Tennessee. The agency accuses them of defrauding over 100 people nationwide in a massive commodity pool scheme from July 2022 to January 2023.

The defendants allegedly convinced more than 100 people to contribute over $6 million to the “Blessings of God Thru Crypto” commodity pool. They promised high returns, claiming to trade “crypto futures” on the “Apex Trading Platform” with guidance from someone called “Coach Wendy.” The defendants then reputedly leveraged their personal and professional relationships to give the scheme legitimacy.

CFTC Seeks Permanent Trading Bans

A commodity pool is an investment vehicle that combines the funds of multiple investors. The collected funds are then used to trade in futures contracts or other commodity interests. It is typically organized as a partnership, with a pool operator managing the funds on behalf of its investors.

The CFTC is hoping for restitution, civil monetary penalties, permanent trading, and registration bans. The regulator is also seeking a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations.

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Director of Enforcement Ian McGinley elaborated on the scam:

“The defendants enticed pool participants with secure investments in digital asset futures contracts promising enormous profits. They shamelessly betrayed their victims’ trust and benefited from their deceit. Today’s action reinforces the CFTC’s commitment to holding those who exploit innocent individuals accountable.”