Titanium Blockchain’s CEO Pleas Guilty of ICO Fraud worth $21m

Michael Alan Stollery is the CEO of Titanium Blockchain Infrastructure Services Inc. Initial coin offering (ICO).

Stollery and his firm were charged in May 2018 by the U.S. Securities and Exchange Commission with conspiring to defraud investor funds.

Stollery admitted to conspiring to defraud cryptocurrency investors by using ICOs. To create ICO’s legitimacy and marketing activities, Stollery created false customer recommendations and published misleading and false information.

In the cryptocurrency’s marketing campaign, Michael Alan Stollery asserted how TBIS is different from other cryptocurrency opportunities and the lucrative prospects of the offering.

They also promised investors that their tokens ran on the Titanium Blockchain. They used misleading and false statements to convince investors to buy the cryptocurrency token “BAR”. Or the coins offered in the ICO by TBIS.

Stollery is not registered with the U.S. Securities and Exchange Commission (SEC) for the ICO of TBIS’ cryptocurrency investment product, nor is there a valid exemption from the SEC’s registration requirements.

Through an initial coin offerings (ICO), approximately $21 Million was raised by investors from the U.S. as well as overseas.

He said that instead investing the money of his client, he used it to mix personal assets and pay his bills for his Hawaii vacation house.

The case is due to be sent for sentence on November 18. Stollery Court documents state that the maximum sentence is 20 years imprisonment.

Source: Shutterstock



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