The CEO of Titanium Blockchain Infrastructure Services Inc. (TBIS) pleaded guilty Friday for his role in a cryptocurrency fraud scheme involving TBIS’s initial coin offering (ICO) that raised approximately $21 million from investors in the United States and overseas.
According to court documents, Michael Alan Stollery, 54, of Reseda, California, was the CEO and founder of TBIS, a purported cryptocurrency investment platform, and touted TBIS as a cryptocurrency investment opportunity, luring investors to purchase “BARs,” the cryptocurrency token or coin offered by TBIS’s ICO, through a series of false and misleading statements. Although he was required to do so, Stollery did not register the ICO regarding TBIS’s cryptocurrency investment offering with the U.S. Securities and Exchange Commission (SEC), nor did he have a valid exemption from the SEC’s registration requirements.
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