The CEO of Titanium Blockchain Infrastructure Services Inc (TBIS), a purported cryptocurrency investment platform, pleaded guilty on July 22 to his role in a cryptocurrency fraud scheme, the Department of Justice (DOJ) announced.
Michael Alan Stollery, 54, of Reseda, California, was the CEO and founder of TBIS, which was founded in 2017.
Prosecutors said that Stollery pleaded guilty to one count of securities fraud for his role in a cryptocurrency fraud scheme that involved raising about $21 million from investors in and outside of the United States in an initial coin offering (ICO).
An ICO is when a company sells a new digital token or cryptocurrency in an attempt to raise capital….