Wednesday, July 27, 2022

LA Cryptocurrency CEO Pleads Guilty In Fraud Case

A Los Angeles area man has please guilty in a $21 million cryptocurrency fraud scheme, according to the US Department of Justice. According to the DOJ, Michael Alan Stollery, 54, of Reseda, California, was the CEO and founder of Titanium Blockchain Infrastructure Services Inc. (TBIS), a purported cryptocurrency investment platform, which the DOJ says raised approximately $21M from investors in the US and overseas. The DOJ says that TBIS lured investors to purchase a cryptocurrency coin through a "series of false and misleading statements", and was not registered with the SEC, among other issues.