Another fraud scheme has surfaced, and the Department of Justice is speaking out about it.
"Titanium Blockchain Infrastructure Services Inc. (TBIS) [founder and CEO] Michael Alan Stollery was sentenced to four years and three months in prison on Friday for his role in a fraud scheme involving the firm," reports JustTheNews.
Stollery made repeated false statements to lure investors to buy into TBIS's initial coin offering.
Stollery subsequently failed to register with the Securities and Exchange Commission.
"To entice investors, Stollery falsified aspects of TBIS’s white papers, which purportedly offered investors and prospective investors an explanation of the cryptocurrency investment offering, including the purpose and technology behind the offering, how the offering was different from other cryptocurrency opportunities, and the prospects for the offering’s profitability," the Department of Justice said in a statement.
Stollery also listed fake client reviews and said he had a relationship with the Federal Reserve and many major companies.
After acquiring roughly $21 million, Stollery then used the money to pay for his personal expenses such as credit cards payments and even took the liberty of using the funds to take care of bills related to his Hawaii condo.
Stollery's jail sentencing comes as there's recently been an increase in scrutiny of cryptocurrency firms.
It would be awesome if the Department of Justice was consistent and applied these same consequences to the Biden family, which has engaged in repeated, proven fraud schemes.