CFTC Obtains Order for Over $5.5M Restitution for Victims in Commodity Pool Fraud by Tennessee Couple

WASHINGTON — The Commodity Futures Trading Commission announced that the U.S. District Court for the Middle District of Tennessee has entered a consent order against Tennessee residents Michael Griffis and Amanda Griffis for fraud involving a commodity pool. The order requires the defendants to pay $5,528,121 in restitution to defrauded victims and a $1,355,232 civil monetary penalty, totaling over $6.8 million in monetary relief. It also permanently bans them from trading and registering with the CFTC and prohibits further violations of the Commodity Exchange Act and CFTC regulations, as charged. “This case is a stark warning to be cautious about whom you trust with your money,” said Charles Marvine, Acting Chief of the Division of Enforcement’s Retail Fraud and General Enforcement Task Force. “If an investment opportunity seems too good to be true, it almost certainly is, for you and anyone you bring along.” The consent order resolves a CFTC enforcement action filed in July 2023. According to the court’s findings, the Griffises – local realtors in Clarksville, Tennessee – solicited funds using their real estate connections, including clients, for a fraudulent commodity pool called “Blessings Thru Crypto.” The couple convinced at least 145 people to contribute more than $6.5 million. They falsely claimed the funds would be used to trade commodity futures on the Apex Trading Platform with guidance from an individual known only as Coach Wendy. In reality, the platform was an illegitimate copy of an overseas exchange, and the true identity of Coach Wendy remains unknown. More than $4 million of the pool’s funds were sent to the illegitimate overseas exchange where it was immediately sent to a variety of other accounts and offshore trading platforms. The remaining funds were misappropriated for personal expenses including paying personal debts and buying a variety of consumer goods. Orders requiring repayment to victims may not always result in the recovery of any or all funds, as wrongdoers may lack sufficient assets. The agency will continue to fight vigorously to protect customers and hold wrongdoers accountable.