Michael Stollery, CEO of the Titanium blockchain, has admitted his role in the $21 million ICO scam.

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Titanium Blockchain Infrastructure Services (TBIS) CEO Michael Stollery has been sentenced to 20 years in prison for his role in a $21 million ICO fraud scheme, the US Department of Justice announced.

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Titanium Blockchain CEO Scam

According to the Department of Justice, Stollery considered the scam to be an “investment opportunity in digital currencies” and encouraged investors to buy the BAR scam token with false and misleading statements.

The Ministry of Justice also stated that the Stollery failed to register the TBIS proposal in a correct and principled manner. Blockchain CEO Titanium has not registered its ICO project with the US Securities and Exchange Commission (SEC) nor has it obtained a valid exemption from SEC registration requirements.

Confession of Fraud by CEO of Blockchain Titanium

In its 2018 complaint, the Securities and Exchange Commission stated that Stollery managed to raise more than $21 million in Ethereum, Bitcoin and cash through dozens of investors based in 18 US states and foreign investors.

Stollery confessed to the fraud at the Securities and Exchange Commission. In addition to running an unregistered ICO, the CEO of Blockchain Titanium also admitted to using investors’ funds to pay off credit card bills and his apartment in Hawaii, the agency says.

The Securities and Exchange Commission states that Stollery’s admissions include exaggerating the token’s potential profitability, falsifying TBIS white papers, inserting fake customer statements and consents, and claiming to work with prominent businesses and the Federal Reserve. If convicted, Stollery will likely face up to 20 years in prison. The Stollery court’s decision time will be November 18, 2022.

Federal regulators have increasingly expanded their activity into the crypto space. Last week, the Department of Justice and the SEC filed separate charges against Ishan Wahi, the former manager of the Coinbase exchange project, and two others. According to the Department of Justice and the SEC, these people’s crime is unhealthy insider trading.

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Source: decrypt

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