According to the press release, TBIS CEO and founder Michael Alan Stollery tried to lure TBIS through a series of false and misleading meetings, and through a series of false and misleading explanations, to attract investors to buy its token BAR.
In addition, Stollery did not register with the SEC regarding the TBIS digital currency investment product ICO. It also lacks an effective exemption from the SEC's registration requirement.
Stollery admitted that he falsified certain aspects of the TBIS white paper. The project manager also planted false client testimonials on the TBIS website, falsely claiming that he had business relationships with the Federal Reserve and several large corporations in order to deceive investors.
When questioned further, Stoller admitted that he did not use the fund to invest as promised, but instead used the funds to invest in ICO investors' funds with personal funds, and some of the funds were used for his own needs, such as credit card swiping and personal bill payment. . Hawaii property.
On November 18, Stoleri was sentenced on the 18th. He will be imprisoned for 20 years.
Stollery's attorney, Andrew Holmes, pleaded guilty to the SEC's criminal follow-up. Holmes also claimed that Stollery, which had been preparing to make Titanium Blockchain a legitimate business, fell victim to too much exuberance.
