Michael Alan Stollery, founder and CEO of Titanium Blockchain, has pleaded guilty to conducting a fraudulent Initial Coin Offering (ICO) that is touted as worth $ 21 million.
Stollery’s operation was not registered and was immersed in a fake
Stollery was charged with one case of securities fraud by the Los Angeles District Court in early June. The prosecutor told the unprotected investor that the story was ““BARs” are crypto coins issued by his company using counterfeit data, supported by ridiculous claims about the potential benefits of tokens.
Also the story rally The forged white paper misleads people about his project and the underlying digital framework. In addition, he forged the voices of numerous customers on the official website of Titanium Blockchain, lying about the company’s partnership.
Stollery raised approximately $ 21 million between November 2017 and January 2018 through Titanium’s first coin offering. However, the ICO was not mandatory with the US Securities and Exchange Commission (SEC), making his entire operation illegal from the beginning. ..
Stallery faces up to 20 years in prison
Plea guilty occurs after Strerry uses illegally obtained money to allow credit card payments and other personal expenses incurred during many vacations to Hawaii.
In 2018, US officials frozen titanium assets after the Stallery lied about the Federal Reserve and its professional relationships with major multinationals such as PayPal and Verizon.
AndrStollery’s defense counsel, ew Holmes, said the SEC’s above accusations resulted in direct guilty plea. to add:
“It was excessive enthusiasm that went beyond what he had to do. Mr. Stolly is very repentant and wants to get as much money back as possible to those who put it in.”
Stollery is a signature bond at the time of the press and is not under police control. He faces up to 20 years of life imprisonment, along with other potential fines. He will be sentenced on November 18th.
