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CEO sold worthless crypto tokens and used proceeds for Hawaii condo, DOJ says

Illustration of cryptocurrency coins falling down, and a graph showing a declining value.

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The CEO of a purported cryptocurrency investment company pleaded guilty for his role in a crypto fraud scheme that raised $21 million from investors, the Department of Justice said.

Michael Alan Stollery (aka “Michael Stollaire”), 54, was CEO and founder of the California-based Titanium Blockchain Infrastructure Services (TBIS). He pleaded guilty Friday to one count of securities fraud in US District Court for the Central District of California and faces up to 20 years in prison at his scheduled sentencing in November, according to a Department of Justice announcement Monday.

Stollery launched his fraudulent crypto offering in January 2018, according to the DOJ. The Securities and Exchange Commission previously sued Stollery and his company, and won a judgment that will return at least some of the money to defrauded investors.

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