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Titanium Blockchain CEO Pleads Guilty to Fraud & Faces up to 20 Years in Jail

Titanium Blockchain CEO Pleads Guilty to Fraud & Faces up to 20 Years in Jail

The well-known personality now faces up to 20 years behind bars.

Michael Stollery, CEO of Titanium Blockchain Infrastructure Services, has recently announced that he was involved in a crypto-based fraud scheme, which brought in $21M via a fraudulent initial coin offering (ICO).

According to the official announcement issued on July 25th by the US Justice Department, Stollery posted misleading statements, falsified white papers, and lured investors to acquire the company’s native token BAR. On top of that, the DOJ also mentioned that he didn’t register his ICO with the US Securities and Exchange Commission (SEC).

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The news arrives after Stollery and his whole company were linked to a securities fraud back in May 2018. The SEC claimed that Stollery violated the watchdog’s anti-fraud registration provisions.

The CEO also confessed that he used a significant portion of his clients' money to pay for his taxes and credit card bills.

Stollery’s lawyer Andrew Holmes recently commented on the shocking news and mentioned that the CEO wanted to keep his company clean at first, however, he lost his way in the end. On top of that, Holmes noted that Stollery has been working with the authorities right from the beginning, adding:

"He’s very remorseful and he wants to get as much money as possible back to those that put their money in."

If the story checks out, the agency noted that Stollery is facing up to 20 years in prison, with the last decision coming on November 18th.

It seems as though federal regulators have been keen on investigating suspicious players in the crypto space. For instance, last week, the United States Attorney's Office for the Southern District of New York filed charges against former Coinbase manager Ishan Wahi for a possible wire fraud conspiracy.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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