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Titanium Blockchain Infrastructure Services (TBIS) has admitted guilt in connection with a cryptocurrency scam worth over $21 million in securities. The $21 million initial coin offering (ICO) hoax was revealed to have been committed by Titanium Blockchain CEO and Founder Michael Alan Stollery, according to the US Department of Justice.
California native Michael admitted to fabricating information about the BAR currency, a crowdfunding token that wasn’t registered with the US Securities and Exchange Commission. According to court filings, Michael had recommended TBIS as a bitcoin investment possibility.
He had used a number of fraudulent and misleading statements to get investors to buy the BAR token or coin that was being provided by TBIS’s ICO. Michael faces up to 20 years in prison after admitting guilt to the securities scam.
On November 18, the sentence will take place in federal district court. Up until the SEC suspended the sale in May 2018 with the issuance of a court order, Titanium ICO defrauded investors in the US and other countries across the world.
Titanium defrauded cryptocurrency investors by claiming to have connections to companies like Apple, Boeing, and IBM
Michael Stollery had established TBIS as a brand-new business and promoted the currency with a number of deceptive purposes. Additionally, it promoted false and nonexistent affiliations with organizations like Apple, Boeing, and IBM.
In response to complaints from some of the partners, Stollery only said, “I did not aware that a protocol would need to have been followed, etc.” Many of these purportedly patented services have also been provided by Titanium Blockchain, even though it has never been registered.
The list of these non-trademarks includes ludicrous expressions like “business as a service,” which has, although being utilized outside of blockchain frauds, also been used in other contexts. Michael also acknowledged that he misrepresented details in the whitepaper for the Titanium ICO.
Detailed Lies Regarding The Profitability Of The Offering
According to the Department of Justice, the CEO agreed to luring investors by promoting incorrect information in white papers, which included providing false justifications for the cryptocurrency investment offering.
These justifications included making false and misleading assertions regarding the rationale and technological foundation of the product.
In addition, TBIS continued by claiming a fictional ICO USP in contrast to other cryptocurrency chances and prospects.
At least 75 persons who paid cash and more people who chose cryptocurrency as their method of payment have joined up with Titanium Blockchain. Those who used cryptocurrency to pay reportedly contributed close to $21 million.
In addition, TBIS continued by claiming a fictional ICO USP in contrast to other cryptocurrency chances and prospects.
At least 75 persons who paid cash and more people who chose cryptocurrency as their method of payment have joined up with Titanium Blockchain. Those who used cryptocurrency to pay reportedly contributed close to $21 million.
At least $200,000 of this sum had been sent straight into the CEO’s bank account.
The CEO of Titanium Blockchain admitted to using investor cash to pay his Hawaii condo’s credit card bills in addition to running an unlicensed initial coin offering (ICO).
