The court sentenced Titanium Blockchain Infrastructure Services (TBIS) CEO Michael Alan Stollery to four years and three months in prison. About it informs US Department of Justice.
In July 2022, a California resident pleaded guilty to participating in a fraudulent scheme ICOwhich raised $21 million.
Between 2017 and 2018, the founder of TBIS promoted the platform as “an opportunity to invest in cryptocurrencies.”
According to the DOJ, Stolleri was a “key figure” in the conspiracy. He lured investors into buying the BAR token through “a series of false and misleading claims.”
The US Securities and Exchange Commission (SEC) filed a lawsuit regarding TBIS in May 2018. The regulator filed claims against Stollery and his company for violating anti-fraud and federal securities laws.
The American also did not register the coin offering as required by the SEC. In addition, he posted fake customer reviews on the site and assured that he had a business relationship with the Federal Reserve.
During the hearing, Stolleri admitted to falsifying aspects of the white paper, including the purpose and technology of the coins, differences from other tokens, and profitability prospects.
In this case, the founder of TIBS was threatened with up to 20 years in prison.
Recall that in July 2021, the founders of the Dropil cryptocurrency project pleaded guilty to ICO fraud in the amount of almost $1.9 million.
In December 2022, the SEC charged Thor Technologies and its executives with an unregistered $2.6 million securities offering.
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The court sentenced Titanium Blockchain Infrastructure Services (TBIS) CEO Michael Alan Stollery to four years and three months in prison. About it informs US Department of Justice.
In July 2022, a California resident pleaded guilty to participating in a fraudulent scheme ICOwhich raised $21 million.
Between 2017 and 2018, the founder of TBIS promoted the platform as “an opportunity to invest in cryptocurrencies.”
According to the DOJ, Stolleri was a “key figure” in the conspiracy. He lured investors into buying the BAR token through “a series of false and misleading claims.”
The US Securities and Exchange Commission (SEC) filed a lawsuit regarding TBIS in May 2018. The regulator filed claims against Stollery and his company for violating anti-fraud and federal securities laws.
The American also did not register the coin offering as required by the SEC. In addition, he posted fake customer reviews on the site and assured that he had a business relationship with the Federal Reserve.
During the hearing, Stolleri admitted to falsifying aspects of the white paper, including the purpose and technology of the coins, differences from other tokens, and profitability prospects.
In this case, the founder of TIBS was threatened with up to 20 years in prison.
Recall that in July 2021, the founders of the Dropil cryptocurrency project pleaded guilty to ICO fraud in the amount of almost $1.9 million.
In December 2022, the SEC charged Thor Technologies and its executives with an unregistered $2.6 million securities offering.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!