As US regulators, the SEC and CFTC, continue their pressure on the cryptocurrency sector, a new lawsuit has come from the CFTC.
The CFTC announced today that it has filed a complaint against Michael and Amanda Griffis in the US state of Tennessee.
Accusing Michael and Amanda Griffis, owners of a Tennessee real estate company, of defrauding more than 100 people, the CFTC said it has raised over $6 million from colleagues and clients to trade digital asset commodity futures contracts on their behalf.
In the CFTC complaint, the couple stated that they persuaded victims to join a commodity pool called “Blessings of God Thru Crypto” and send money.
The CFTC made the following statements in its statement:
“The Commodity Futures Trading Commission filed a complaint against Michael and Amanda Griffis of Tennessee in the U.S. District Court for the Central District of Tennessee today.
Defendants persuaded victims to join a commodity pool called “Blessings of God Thru Crypto” and send money. And it promised pool participants a safe investment in digital asset futures contracts with huge profit potential.
But the defendants betrayed the pool participants and profited from that betrayal.”
The CFTC lawsuit seeks compensation for defrauded victims, certain monetary penalties against defendants, permanent trade and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations.