Titanium Blockchain CEO pleads guilty to $21M fraud

Posted 27 July, 2022

CEO and founder of Titanium Blockchain Infrastructure Services Inc. (TBIS) Michael Alan Stollery has pleaded guilty to a cryptocurrency fraud that netted him $21 million, the U.S. Department of Justice has announced. The company has raised funds from investors in the United States and other countries through a native platform token initial offering (ICO) scheme.

TBIS positioned Solleri as a platform for investing in cryptocurrency and offered to invest in the BAR token at its initial offering, using false claims. Stollery admitted that he falsified some of the TBIS documents that offered investors a description of the benefits and profitability of his project.

The founder of the platform posted fake customer testimonials on the TBIS website and falsely claimed to have business dealings with the US Federal Reserve and well-known companies. Stollery also admitted that he used at least some of the investors' funds for personal expenses such as credit card payments and paying bills for his condominium in Hawaii.

According to the US Department of Justice, the head of TBIS has pleaded guilty to securities fraud and faces up to 20 years in prison. Sentencing is set for November 18.

On July 21, Randall Crater, the creator of the fake cryptocurrency My Big Coin (MBC), was convicted of fraud, which resulted in defrauding investors of $6 million. The verdict in the fraud case was delivered on July 21 by a federal jury in Boston.

 

Previous story

27 July, 2022 10:30

← Twitter shareholders to vote Sept. 13 on Musk takeover

The vote of Twitter shareholders on its acquisition by Elon Musk will take place on September 13.

Twitter shareholders to vote Sept. 13 on Musk takeover

Next story

26 July, 2022 09:31

Amazon announces in September to increase the prices of its Prime subscription in five European countries →

Amazon, which had increased the prices of its Prime subscription in the United States at the beginning of the year, will do the same from September 15...

Amazon announces in September to increase the prices of its Prime subscription in five European countries
Write a comment
 
Prove you’re not a bot + 13 = 27