Titanium Blockchain founder and CEO Michael Alan Stollery pleaded guilty to conducting a fraudulent initial coin offering (ICO) touted to be worth $21 million.
Stollery’s operation was unregistered and soaked in falsitiesStollery, was charged by a Los Angeles district court earlier in June on one count of securities fraud.
Furthermore, he faked numerous customer testimonials on the official Titanium Blockchain website while also lying about his company’s partnerships.
Via Titanium’s initial coin offering, Stollery raised approximately $21M between November 2017 and January 2018.
Andrew Holmes, Stollery’s defense counsel, noted that the guilty plea emanates directly as a result of the SEC’s above-stated charges, adding:“It was overexuberance that went beyond what he should’ve done.
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