Tennessee Court Orders $6.8M Penalty in Fake Crypto Platform Case

A Tennessee court has imposed a $6.8 million penalty on Michael and Amanda Griffis, a couple accused of operating a fraudulent cryptocurrency investment scheme. The duo, who were real estate agents in Clarksville, raised over $6.5 million from 145 investors through their pool, 'Blessings of God Thru Crypto,' between 2021 and 2023.

The Commodity Futures Trading Commission (CFTC) revealed that the Griffises misled investors by claiming funds WOULD be traded on the 'Apex Trading Platform' under the supervision of an individual known as 'Coach Wendy.' Investigations later confirmed Apex was illegitimate, and the identity of 'Coach Wendy' remains unknown. More than $4 million from the scheme was sent to undisclosed recipients.

The consent order mandates $5.5 million in restitution to victims and a $1.35 million civil penalty. The couple also faces lifetime bans from commodity trading and CFTC registration.