A Tennessee husband and wife are facing charges over “Blessings of God Thru Crypto” — an allegedly fraudulent investment scheme that swindled at least $6 million from over 100 victims in just six months.
A July 24 complaint from the Commodity Futures Trading Commission (CFTC) said Michael and Amanda Griffis used the connections they made in their real estate business to convince people to fork their savings over to a multi-million dollar investment pool between July 2022 and January 2023.
These included mortgage brokers and former customers of their real estate business, it said.
The CFTC charged husband and wife realtors of Tennessee for operating a $6M digital assets commodity pool scheme. Learn more: https://t.co/pPq9hV8qeU
“Despite having no trading or other relevant experience, the defendants successfully convinced over 100 people to send them over $6 million to participate in a commodity pool called ‘Blessings of God Thru Crypto,’” the CFTC said.
As part of the scheme pool participants were told their funds would be used to trade crypto futures contracts, however, not a single trade was ever conducted, said the CFTC.
“The defendants falsely represented that pool funds would be safe and under their control, that pool participants could expect high gains, and that the defendants would use pool funds to trade ‘crypto futures.’”
Instead, around $4 million of the pooled funds were transferred to digital wallets outside of the Griffis’ control and more than $1 million were misappropriated to pay off personal debt and expensive items over a number of months, the CFTC alleged.
This included $10,000 in college tuition for family members, $20,000 for an all-terrain vehicle and $335,000 to pay off credit card debt.
In its complaint, it requested a permanent injunction against the Griifis and any potential collaborators, preventing them from participating in any future transactions involving commodity interests, along with full restitution to anyone that sustained losses from the scheme, and requested the court impose civil penalties against the Griffis.
The CFTC warned full restitution will likely be difficult given that the alleged wrongdoers will likely have insufficient funds or assets.
According to their respective LinkedIn profiles, Michael and Amanda Griffis are affiliated with Exit Realty Screamin’ Eagle, based in Clarksville, Tennessee. Amanda is listed as a “Broker/Co-Owner,” while Michael is listed as a “Realtor.”
Cointelegraph contacted the Griffis for comment but did not immediately receive a response.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
More from Politics
Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.