Department of Justice officials have detailed the guilty plea of the Titanium Blockchain Infrastructure Services (TBIS) CEO for his role in a cryptocurrency fraud scheme involving an initial coin offering.
The initial coin offering (ICO) raised approximately $21 million from investors in the United States and overseas.
Per court documents, Michael Alan Stollery, 54, of Reseda, Calif., was the CEO and founder of TBIS, a purported cryptocurrency investment platform, which touted itself as a cryptocurrency investment opportunity while luring investors to purchase BARs, the cryptocurrency token or coin offered by TBIS’s ICO, through a series of false and misleading statements.
According to the Department of Justice, although required to do so, Stollery did not register the ICO regarding TBIS’s cryptocurrency investment offering with the Securities and Exchange Commission (SEC), nor did he have a valid exemption from the SEC’s registration requirements.
Stollery admitted to enticing...
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