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The CEO and founder of Titanium Blockchain Infrastructure Services Inc. (TBIS) has been sentenced to four years and three months in jail for his role in a cryptocurrency fraud scheme that raised nearly $21 million from investors. According to court documents, Michael Alan Stollery, 54, of Rosedale, California, portrayed TBIS – an alleged cryptocurrency investment platform – as a cryptocurrency investment opportunity, enticing investors to buy TBIS’s initial coin offering (ICO) crypto tokens or coins “BAR” for nearly $21 million from investors in the United States and abroad.

Stollery told investors that the white paper of TBIS showcased it as a company that could offer superior returns in comparison to other investment options. However, he made a series of false and misleading statements to lure investors, although he was required to register TBIS’s cryptocurrency investment offering with the US Securities and Exchange Commission (SEC) and comply with its registration requirements.

To lure investors, Stollery falsified aspects of TBIS’s white paper, which allegedly showed investors and potential investors the details of the cryptocurrency investment offering. However, he did not register the offering with the SEC nor receive a valid exemption from SEC registration requirements.

The case was investigated by the Federal Bureau of Investigation (FBI), the Internal Revenue Service (IRS), and the Securities and Exchange Commission (SEC) and was prosecuted by Assistant United States Attorney Joshua F. Sigal of the Cyber and Intellectual Property Crimes Section.