Couple Faces $7 Million Penalty for Running Fraudulent Crypto Scheme
A Tennessee couple has been ordered to pay nearly $7 million in penalties after defrauding investors through a fake cryptocurrency trading pool. According to the Commodity Futures Trading Commission (CFTC), Michael and Amanda Griffis lured 145 investors into a fraudulent investment program called “Blessings Thru Crypto,” promising lucrative returns from commodity futures trading.
The CFTC announced the ruling in a press release on September 25, revealing that the couple diverted investor money to an illegitimate overseas exchange and spent a significant portion on personal expenses, including debts and consumer goods.
.@CFTC Obtains Order for Over $5.5M Restitution for Victims in Commodity Pool Fraud by Tennessee Couple: https://t.co/UIOg9SvJlq
— CFTC (@CFTC) September 25, 2025
How the Fraud Was Carried Out
The scheme centered on a supposed community investment pool where investors were told their funds would be used to trade commodity futures on a platform called Apex, allegedly guided by an individual known as “Coach Wendy.” However, investigators discovered that the Apex platform was a clone of a foreign exchange with no legitimate trading activity.
More than $4 million of the total $6.5 million raised was transferred to unknown accounts and offshore platforms, disappearing shortly after. The remainder was used to cover the couple’s personal expenses, highlighting the fraudulent nature of the operation.
Court Orders Restitution and Lifetime Ban
A consent order issued by the U.S. District Court for the Middle District of Tennessee requires Michael and Amanda Griffis to pay $5,528,121 in restitution to their victims and an additional $1,355,232 as a civil monetary penalty. Together, the penalties amount to more than $6.8 million.
The couple has also been permanently banned from trading commodities or registering with the CFTC. They are prohibited from engaging in any future violations of the Commodity Exchange Act or CFTC regulations.
CFTC Issues Investor Warning
Charles Marvine, Acting Chief of the CFTC’s Division of Enforcement’s Retail Fraud and General Enforcement Task Force, emphasized the broader message this case sends to investors. “This case is a stark warning to be cautious about whom you trust with your money,” he said. “If an investment opportunity seems too good to be true, it almost certainly is.”
The case is one of several recent enforcement actions highlighting the risks associated with unregulated crypto investment schemes. Regulators continue to urge investors to verify the legitimacy of any investment program and to remain vigilant against scams that promise unrealistic returns.
