The CEO of the Titanium blockchain has been sentenced to four years of prison time after he pleaded guilty in last July infront of the court.
The CEO of the California-based Titanium blockchain is sentenced to four years of prison. It will finally be ending the saga from 2018 initial coin offering that stripped twenty-one million USDs from the investors. Michael Stollery, the founder of the Titanium blockchain has been one of the key figures of the crypto fraud scheme that involved an initial coin offering for the organization happened between late 2017 to early 2018.
Investors have bought crypto known as BARs to take part in this ICO. Almost twenty-one million USDs was raised from the USA and from overseas as per the justice department. However, the SEC complaint back in 2018 alleged Stollery of not having the registered this ICO among many other accusations.
Titanium Blockchain CEO Part Of Fraud
Finally four years later he pleaded guilty of these accusations to the count of securities fraud and is now finally sentenced to spend four years behind the bars.
The CEO admitted that he had falsified the different aspects and planted fake testimonials on their website to gather more clients. He has also admitted to the ICO investors funds with his own. They have used a portion to pay for the other expenses like credit card bills for the Hawaii condominium as per the Securities and Exchange Commission.
However, despite getting sentenced to twenty years in prison, the Titanium Blockchain CEO will only serve four years behind the bars for his involvement in this scam. The SEC has ramped up the actions against the crypto spaces in the recent years.