In a resounding victory for defrauded investors, the U.S. Commodity Futures Trading Commission (CFTC) has secured a consent order requiring Tennessee realtors Michael and Amanda Griffis to pay over $6.8 million in restitution and penalties for orchestrating a brazen commodity pool scam. Announced on September 25, 2025, the order resolves a 2023 enforcement action that exposed how the couple bilked more than 145 victims out of $6.5 million under the guise of a “safe” crypto futures investment called “Blessings of God Thru Crypto.” As crypto scams proliferate amid digital asset hype, this case underscores the CFTC’s aggressive pursuit of fraudsters preying on trust and inexperience. With victims potentially recovering $5.5 million, the ruling sends a stark warning: If an opportunity sounds too good to be true, it likely is. This deep dive unpacks the scheme, the legal battle, and lessons for investors in an era where crypto promises often mask peril.
The Griffises’ downfall highlights a growing trend: Fraudsters leveraging personal networks and the allure of quick crypto gains to run Ponzi-like operations. In 2025 alone, the CFTC has ramped up enforcement, with crypto-related cases comprising a significant portion of its docket amid surging digital asset adoption. As Acting Chief Charles Marvine of the CFTC’s Retail Fraud Task Force stated, “This case is a stark warning to be cautious about whom you trust with your money.” The order not only delivers justice but also reinforces regulatory safeguards in unregulated corners of the crypto space.
The Scheme Unveiled: From Realtors to Fraudsters
Michael and Amanda Griffis, owners of a Clarksville, Tennessee real estate firm, exploited their professional relationships to lure victims into their trap. From July 2022 to January 2023, they solicited funds from colleagues, clients, and others, promising a pooled investment in digital asset commodity futures contracts. Despite zero trading experience, the couple convinced over 100 people—eventually tallying at least 145—to contribute more than $6.5 million to “Blessings of God Thru Crypto.”
The pitch was irresistible: Funds would be safely managed under their control, yielding “huge profit potential” through trades on the “Apex Trading Platform,” guided by an enigmatic “Coach Wendy.” Victims, drawn from their real estate network, trusted the Griffises’ assurances of high returns and security. But the reality was a classic fraud: The Apex platform was a fake clone of an overseas exchange, and Coach Wendy’s identity remains unknown.
Over $4 million—purportedly sent for trading—was funneled to illegitimate digital wallets and offshore platforms, vanishing beyond recovery. The Griffises misappropriated about $1 million for personal luxuries, including debt payments, expensive jewelry, and even an all-terrain vehicle. To keep the illusion alive, they used remaining funds for Ponzi-style payouts, redistributing new investments to earlier victims.
This betrayal of trust echoes broader patterns in crypto fraud, where scammers exploit hype around digital assets. The CFTC’s July 2023 complaint charged the Griffises with defrauding participants and failing to register as commodity pool operators, violating the Commodity Exchange Act (CEA) and CFTC rules. Enforcement Director Ian McGinley at the time condemned the scheme, noting how the defendants “betrayed their pool participants, and they profited from that betrayal.”
The Legal Reckoning: From Charges to Consent Order
The CFTC’s initial filing in the U.S. District Court for the Middle District of Tennessee sought restitution, penalties, trading bans, and injunctions. Over two years, the case built momentum, culminating in the September 25, 2025, consent order that holds the Griffises accountable without admitting or denying the findings.
Key outcomes:
- Restitution: $5,528,121 to compensate victims, addressing the bulk of the $6.5 million lost.
- Civil Monetary Penalty: $1,355,232, bringing total relief to over $6.8 million.
- Permanent Bans: The couple is forever barred from trading commodities, registering with the CFTC, or violating CEA rules.
This resolution aligns with the CFTC’s victim-focused approach, though the agency cautions that full recovery isn’t guaranteed if the Griffises lack sufficient assets. The case was handled by CFTC Enforcement staff, including Elsie Robinson, Rachel Hayes, Christopher Reed, Charles Marvine, and others, with assistance from the Romance Investment Fraud Task Force.
Broader Implications: A Wake-Up Call for Crypto Investors
The Griffis case exemplifies the perils of unregulated crypto pools, where fraudsters masquerade as experts to siphon funds. By classifying the scheme as a commodity pool involving digital asset futures, the CFTC asserted jurisdiction, reinforcing that crypto derivatives fall under its purview—even if the “Apex Platform” was a sham.
This isn’t isolated: The CFTC has pursued dozens of similar cases in 2025, amid a crypto market cap exceeding $3 trillion and rising retail participation. It highlights red flags like promises of “guaranteed” high returns, unregistered operators, and opaque advisors like “Coach Wendy.”
Financially, the scam’s fallout extends beyond victims: Disrupted trust erodes confidence in legitimate crypto investments, potentially slowing adoption. For the Griffises, the bans effectively end their financial dealings, while victims—many tied to their real estate circle—face emotional and monetary scars.
The ruling could influence ongoing debates on crypto regulation, pushing for clearer rules on pools and exchanges. As Marvine warned, “If an investment opportunity seems too good to be true, it almost certainly is.”
Protecting Yourself: CFTC’s Fraud Warnings and Resources
The CFTC urges vigilance: Verify entities via NFA BASIC before investing. Its Commodity Pool Fraud Advisory details scams involving unregistered pools, advising to spot promises of outsized gains or “secret” strategies. Similar alerts cover forex and romance-linked frauds.
Report suspicions via the CFTC’s hotline (866-FON-CFTC), online tips, or Whistleblower Office—where tipsters can earn 10-30% of sanctions from the Customer Protection Fund.
In conclusion, the Griffis case is a cautionary tale of greed exploiting trust in the crypto boom. With $6.8 million in sanctions, the CFTC’s action delivers accountability and restitution, but prevention remains key. As digital assets evolve, investors must prioritize due diligence to avoid similar pitfalls.
For more details:
- https://www.cftc.gov/PressRoom/PressReleases/9133-25
- https://www.cftc.gov/PressRoom/PressReleases/8757-23
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