Kornelija Kazlauskas 
In the crypto market, scammers can easily take advantage of eager investors. This is what happened when the leader of Titanium Blockchain attempted to swindle people out of their investments; thankfully, however, Michael Alan Stollery was caught and punished for his malicious actions.
Michael Alan Stollery Stole $21 Million Through Titanium
The creation of the so-called “project” Titanium Blockchain commenced in 2018 when Initial Coin Offerings were popular. Michael Alan Stollery pioneered this crypto-currency and was its CEO.
The individual’s venture, TBIS (Titanium Blockchain Infrastructure Services Inc.), which received a $21 million investment from trusting people, failed quickly, according to a statement by the United States Department of Justice (DoJ).
Instead, it appears that Mr. Stollery utilized the funds of his ICO investors for personal expenses, including Hawaii real estate investments – mixing those funds with his own. As a result, he diverted at least part of the money away from its intended purpose to fund unrelated projects.
Court Sentences Michael Alan Stollery to 4 Years in Prison
According to the Department of Justice’s statement, Michael Alan Stollery seemingly “altered” some elements of the Titanium project white paper to attract investors and included false customer reviews on its website and falsely asserting that he had ties with the Federal Reserve.
Evidently, the person in question failed to register his offer of sale with the Securities and Exchange Commission (SEC), as expected.
After being charged with securities fraud and admitting his guilt, 54-year-old Michael Stollery was recently sentenced to 4 years and 3 months in prison for issuing the BAR token of his allegedly Titanium blockchain. Judges have now officially ruled on the matter, confirming that justice has been served.
