Michael Stollery, CEO, Titanium Blockchain Infrastructure Services (TBIS), has been given four years of jail time to mark an end to a 2018 initial coin offering (ICO) event, that resulted in a $21 million loss for investors, as stated by Cointelegraph.
According to Cointelegraph, Stollery was important in a “cryptocurrency fraud scheme” which concerned a TBIS-based ICO for 2017-18, as per Department of Justice. It’s believed that investors bought a crypto token named BARs to participate in the ICO. Department of Justice mentioned that around $21 million was clocked from United States and abroad.
Based on information by Cointelegraph, a 2018 United States Securities and Exchange Commission complaint highlighted that Stollery faced charges for not registering the ICO with the regulator. In July, 2022, Stollery pleaded guilty to a charge for his involvement in the securities scam.
Moreover, Cointelegraph noted that Stollery will be at the receiving end of four years and three months of prison time for his association with the ICO.
(With insights from Cointelegraph)