A Tennessee couple, Michael and Amanda Griffis, has been fined over $6.8 million for orchestrating a fraudulent cryptocurrency scheme dubbed 'Blessings of God Thru Crypto.' The U.S. District Court for the Middle District of Tennessee entered a consent order, requiring the couple to pay more than $5.5 million in restitution to victims and an additional $1.35 million civil monetary penalty.
The Griffises, who are real estate agents from Clarksville, operated the scheme from 2021 to 2023, defrauding 145 investors out of $6.5 million. They promoted a fake commodity pool, claiming it would generate high returns through crypto futures trading on a platform designed to mimic the legitimate Apex trading platform. The scheme involved a mysterious figure known as 'Coach Wendy,' whose identity remains unknown. Investors' funds were funneled into a sham overseas exchange, with over $4 million disappearing offshore and only about $855,000 returned in Ponzi-style payouts.
The court also imposed lifetime bans preventing the couple from commodity trading or CFTC registration. This case is part of a broader pattern of crypto frauds, similar to recent actions against a Denver pastor and a Long Island man. Experts warn that such schemes exploit trust within communities, and investors should be vigilant for red flags, such as unregistered exchange websites.