The DOJ’s Criminal Fraud Section announced that Michael Alan Stollery, the CEO and founder of Titanium Blockchain Infrastructure Services Inc. (TBIS), has been sentenced to four years and three months in prison for his involvement in a cryptocurrency fraud scheme. DOJ Press Release 

The government alleges the scheme involved an initial coin offering (ICO) that raised approximately $21 million from investors in the U.S. and abroad. The government charged that Stollery failed to register the ICO with the U.S. Securities and Exchange Commission (SEC) and used false and misleading statements to attract investors. The government also alleged that he falsified information in TBIS's white papers, planted fake client testimonials, and claimed false business relationships to create an illusion of legitimacy. Finally, the government charged that Stollery misused the invested funds for personal expenses, including credit card payments and bills for his Hawaii condominium. Crypto Criminal Defense Lawyer Blog