The U.S. Department of Justice has announced that the founder and CEO of Titanium Blockchain Infrastructure Services has pleaded guilty to a $21 million ICO scam.
Michael Stollery, according to the DOJ, called his scheme a “cryptocurrency investment opportunity” and lured investors with various false statements and reports. As part of the ICO, he sold BAR tokens.
Stollery pleaded guilty to one count of securities fraud. He also admitted that he used investor funds to pay credit card bills and a condominium in Hawaii. The businessman also admitted that he “exaggerated the potential profitability” of tokens, forged statements from other clients, assuring that there was a partnership with various well-known companies and the US Federal Reserve.
The trial of Michael Stollery is scheduled for November 18. The maximum term of imprisonment can be up to 20 years.
Earlier, a North Carolina resident Jayton Gill confessed to organizing an illegal cryptocurrency exchange.
Source: Bits
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