Crypto exec pleads guilty to $21m ICO fraud

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Updated September 21, 2022 | Published July 27, 2022

2 mins read

Titanium Blockchain CEO Michael Alana Stollery has plead guilty to conning $21m out of investors in an initial coin offering (ICO) he launched in 2018.

At the time, Stollery was pushing the BAR cryptocurrency token which is a security under current law.

Apart from being a security, the Department of Justice (DOJ) found evidence that Stollery had created false testimonies of endorsement by several important financial companies.

In a White Paper the BAR token and its infrastructure was pitched as “Monitoring as a Service”,  Mining as a Service”, and “Instant ICO Incubator”.

The executive tried to sway the public into backing BAR by creating the illusion that the solution was also backed by Boeing, Verizon, Walt Disney, and PayPal.

During the investigation, authorities established that part of the ICO proceeds were mixed with Stollery’s own finances which he then used towards credit card payments and bills for a condominium he owned in Hawaii.

Stollery will appear for sentencing on November 18, but he faces the possibility of up to 20 years in prison.

Meanwhile, the court has approved an emergency asset freeze on Titanium’s assets, hoping to help investors.

Stollery’s lawyer Andrew Holmes has shared with the media that his client was contrite and sorry for his scam. Whether the court shows leniency will be determined in the fall.

In the meantime, you can use cryptocurrency smartly and enjoy yourself at casinos such as 1xBit, FortuneJack, and Bitcasino.io.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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