The Securities and Exchange Commission obtained a court order to stop an initial coin offering (ICO) tainted by securities fraud. According to the SEC, Sherman Oaks-based Titanium Blockchain Infrastructure Services, Inc., is an investment scam. The commission accuses the company’s president, Michael Stollery with lying about business relationships to acquire investor funds. It further accuses Stollery of selling unregistered securities
The SEC says the company raised $21 million in initial investments from people both inside and outside the United States. According to the SEC complaint, Stollery mischaracterized the company’s connections with a number of recognizable firms. They include Apple, Boeing, eBay, IBM, Intel, McDonald’s, Microsoft, PayPal, Royal Bank of Scotland, Verizon and the Walt Disney Company. In addition, the SEC maintains that the company’s website features fraudulent testimonial text.
The SEC also alleges that the company’s ICO was nothing more than a social media campaign designed to defraud investors. As part of its sales pitch, the company falsely claimed ownership of several trademarks and proprietary technologies. It also claims that Stollery used investor funds to pay personal expenses, like credit card bills and a Hawaiian condominium. In addition to halting the company’s operations, the SEC also charged another of Stollery’s companies with antifraud violations.
The court order allows the SEC to freeze the company’s assets and appoint a receiver. The commission also seeks injunctions against Stollery, and to bar him from participating in any other future ICOs.
Ventura securities fraud attorney
When you face investment fraud allegations, hire an experienced securities fraud attorney like Robert Helfend. Mr. Helfend has more than 30 years of experience in federal criminal defense. He takes federal cases in any circuit in the United States. He also takes state criminal defense cases in Southern California.
Securities fraud cases can be complex. You need an experienced defense attorney who will do the work it takes to defend you. That may involve hiring expert witnesses to testify on your behalf. The federal government is exceptionally well resourced. Your best defense is an experienced, aggressive federal defense attorney.
Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura County securities fraud case.
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