Michael Alan Stollery (aka “Michael Stollaire”), CEO of crypto firm Titanium Blockchain Infrastructure Services (TBIS), pleaded guilty to fraudulently raising $21 million from investors.
Ars Technica, quoting the Department of Justice (DoJ), said that he faces a jail-term of up to 20 years and will be sentenced in November 2022.
Founded in 2018, TBIS was used to defraud unsuspecting crypto investors. The company was already on the SEC fraud list before Stollery’s case judgement, and it already obtained a ruling to refund the aggrieved victims.
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In a statement, the DoJ said that Michael Stollaire used the invested funds, or portions of it, for personal use. Meanwhile, he had promised investors that by buying the coin it offered, called BAR, they were getting an ownership stake in its future earnings as well as the coin’s appreciation in value.
His fraudulent acts extended all-through his company’s dealings, starting from the beginning.
“…he falsified aspects of TBIS’s white papers, which purportedly offered investors and prospective investors an explanation of the cryptocurrency investment offering, including the purpose and technology behind the offering, how the offering was different from other cryptocurrency opportunities, and the prospects for the offering’s profitability,” the statement read. “Stollery also planted fake client testimonials on TBIS’s website and falsely claimed that he had business relationships with the Federal Reserve and dozens of prominent companies to create the false appearance of legitimacy.”
Michael Stollaire had mentioned Apple, eBay, IBM, Microsoft, PayPal, Universal Studios, and several other reputable firms as some of TBIS’ clients. Meanwhile, many of these companies flat out denied him.
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