A 54-year-old Reseda man has been charged for his function in a $21 million cryptocurrency fraud scheme in which he lured buyers by falsely claiming his enterprise partnered with outstanding firms like Apple Inc, Pfizer Inc. and Disney, authorities mentioned.
Michael Alan Stollery, CEO and founding father of Titanium Blockchain Infrastructure Providers, was charged with one rely of securities fraud, the U.S. Legal professional’s Workplace mentioned in a press release Thursday, June 30.
As a part of the scheme, Stollery additionally falsified paperwork explaining how the know-how underlying the cryptocurrency works, posted pretend testimonials and lied about enterprise relationships with the U.S. Federal Reserve Board and dozens of main firms, prosecutors allege.
Consequently, the corporate’s preliminary coin providing, the place the corporate sells a brand new cryptocurrency to boost funds, introduced in about $21 million from buyers in the USA and abroad, prosecutors mentioned.
“Mr. Stollery satisfied victims to speculate by deceiving them with calculated lies in regards to the revenue potential and by artfully creating an phantasm that he was well-connected and a confirmed success,” Kristi Johnson, assistant director in cost of the FBI’s Los Angeles Discipline Workplace, mentioned in a press release. “
Stollery faces as much as 20 years in jail if convicted, officers mentioned.