Titanium Blockchain CEO Michael Stollery Has Pleaded Guilty to ICO Scam
Titanium Blockchain CEO Michael Stollery Has Pleaded Guilty to ICO Scam. The CEO could get behind bars for 20 years for the action. The community on Twitter has been talking about the recent news after the DOJ released the statement on 25 July.
https://twitter.com/0xAerro/status/1551703708089589760
Stollery Admitted to the Scam
Michael Stollery, the CEO of Titanium Blockchain Infrastructure Services (TBIS), has admitted his involvement in the scam that gained $21 million from investors.
According to The US Department of Justice (DOJ), Stollery referred to the scheme as a crypto investment opportunity. Then, he lured investors to purchase BARs, the crypto token offered by TBIS’s ICO, through false and misleading statements. DOJ added that he did not register the ICO regarding the firm’s cryptocurrency investment with the SEC.
The DOJ mentioned, “Stollery further admitted that he did not use the invested money as promised.” He used the investment money for his expenses, such as credit card bills and a condominium in Hawaii.
Michael Stollery admitted to many of his wrongdoings in his actions, such as fake client testimonials on TBIS’s website. He lied about his relationship with companies to make a more legitimate appearance.
For what he did, the CEO is facing 20 years in prison.
Titanium Blockchain CEO Pleads Guilty to Securities Fraud.
Michael Stollery faces up to 20 years behind bars for selling BARs in an alleged ICO scam..#crypto #btc #eth #xrp
— Kyrill Krystallis (@mrkrystallis) July 25, 2022
The ICO Scam
In 2018, the SEC released a report regarding the ICO scam. In the report, they stated, “investment fraud involving up to $21 million in cash and digital assets under the guise of an initial coin offering (ICO) of a digital asset called BAR.”
For years, the community has been waiting for updates on the news.
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