{"id":52599,"date":"2023-03-25T16:31:25","date_gmt":"2023-03-25T23:31:25","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=52599"},"modified":"2023-03-25T16:32:43","modified_gmt":"2023-03-25T23:32:43","slug":"ceo-of-titanium-blockchain-sentenced-to-21-million-cryptocurrency-fraud","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=52599","title":{"rendered":"CEO of Titanium Blockchain Sentenced For $21 Million Cryptocurrency Fraud"},"content":{"rendered":"

WASHINGTON D.C.<\/strong><\/span><\/p>\n

\"\"<\/span>The CEO\/founder of Titanium Blockchain Infrastructure Services Inc. (TBIS) was sentenced to four years and three months in prison for his role in a cryptocurrency fraud scheme, officials announced this week.<\/span><\/span><\/p>\n

The fraud scheme involved TBIS\u2019s initial coin offering (ICO) that raised approximately $21 million from investors in the United States and overseas.<\/span><\/p>\n

\n
\n
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According to court documents, Michael Alan Stollery, 54, of Reseda, California, touted TBIS \u2013 a purported cryptocurrency investment platform \u2013 as a cryptocurrency investment opportunity, luring investors to purchase \u201cBARs,\u201d the cryptocurrency token or coin offered by TBIS\u2019s ICO, through a series of false and misleading statements. <\/span><\/p>\n

Although he was required to do so, Stollery did not register the ICO regarding TBIS\u2019s cryptocurrency investment offering with the U.S. Securities and Exchange Commission (SEC). <\/span><\/p>\n

He did not have a valid exemption from the SEC\u2019s registration requirements.<\/span><\/p>\n

To entice investors, Stollery falsified aspects of TBIS\u2019s white papers. <\/span><\/p>\n

This purportedly offered investors and prospective investors an explanation of the cryptocurrency investment offering. <\/span><\/p>\n

\"silver<\/a>It also included the purpose and technology behind the offering, how the offering was different from other cryptocurrency opportunities, and the prospects for the offering\u2019s profitability, officials stated.<\/span><\/p>\n

Stollery also planted fake client testimonials on TBIS\u2019s website and falsely claimed that he had business relationships with the Federal Reserve and dozens of prominent companies to create the false appearance of legitimacy. <\/span><\/p>\n

Stollery did not use the invested money as promised but instead commingled the ICO investors\u2019 funds with his funds, using at least a portion of the offering proceeds for expenses unrelated to TBIS, such as credit card payments and the payment of bills for his Hawaii condominium, officials stated.<\/span><\/p>\n

The FBI Los Angeles Field Office and the Federal Reserve Board OIG Western Region, San Francisco Office investigated the case.<\/span><\/p>\n

Trial Attorneys Tian Huang and Andrew Tyler of the Criminal Division\u2019s Fraud Section prosecuted the case.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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