The financial landscape of Tennessee has been recently shaken by an alleged fraudulent cryptocurrency investment scheme, dubbed “Blessings of God Thru Crypto”. At the helm of this operation were a local couple, Michael and Amanda Griffis, who now face charges for orchestrating a scam that duped unsuspecting investors out of more than $6 million within a mere six-month span.
Exploitation of Real Estate Connections
As detailed in a July 24 CFTC complaint, the Griffises had used the network they cultivated from their real estate business as a launching pad for their fraudulent activities. Between July 2022 and January 2023, they managed to lure people into investing their hard-earned savings into their multimillion-dollar investment pool. Their victims predominantly consisted of mortgage brokers and their former real estate customers. Many people fell for the Blessings of God Thru Crypto scam.
Despite lacking pertinent trading experience or relevant qualifications, the Griffises could manipulate more than 100 individuals. The victims invested a sum exceeding $6 million in their so-called “Blessings of God Thru Crypto” commodity pool, the CFTC reported. The participants of this scheme were deceived into believing their contributions would be used to trade in crypto futures contracts. Regrettably, the CFTC disclosed that not a single trade was ever executed.
Misuse and Misappropriation of Funds
Under the guise of a secure and lucrative investment opportunity, the defendants were able to misdirect their victims. The Griffises had misrepresented that the Blessings of God Thru Crypto funds would be secure under their supervision and that the investors could anticipate high returns. Moreover, they had falsely claimed that these funds would be used to trade crypto futures.
Approximately $4 million of the invested money was transferred to external digital wallets beyond Griffises’ control. In addition to this, more than $1 million was misused to settle personal debts and purchase high-value items over several months. This lavish expenditure encompassed college tuition fees for family members, an all-terrain vehicle, and a massive amount of credit card debt.
Blessings of God Thru Crypto Fallout
The couple now stands accused of defrauding over a hundred victims and failing to register with the CFTC. The CFTC has sought a permanent injunction against the Griffises and any possible accomplices in response to these wrongdoings. This action would prohibit their participation in any future transactions involving commodity interests. Furthermore, the CFTC has demanded full restitution for the Blessings of God Thru Crypto victims and requested the court to impose civil penalties on the Griffises.
However, the restitution process is anticipated to be complicated, given the likelihood of insufficient funds or assets in the possession of the alleged culprits.
Their Professional Affiliations
According to their respective LinkedIn profiles, the Griffises were associated with Exit Realty Screamin’ Eagle, based in Clarksville, Tennessee. Amanda Griffis was “Broker/Co-Owner,” while Michael Griffis was a “Realtor.”
This disturbing event serves as a stark reminder of the crucial need for due diligence and skepticism in cryptocurrency investments, a sphere known for its volatility and lack of regulation. The story of the Griffises’ audacious scam stands as a testament to the extent of deceit that can be found within the financial landscape, especially within the realm of cryptocurrency.
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