No Disney, No PayPal? SEC Charges ICO Founder Over False Statements

The U.S. Securities and Exchange Commission (SEC) has charged a company and its president with securities fraud in connection with their efforts to raise funding via an initial coin offering (ICO).

Michael Stollery, also known as Michael Stollaire, has been accused alongside his firm Titanium Blockchain Infrastructure Services with violating the SEC’s antifraud and registration provisions in connection with a multi-million dollar token sale. The agency accused Stollaire of fabricating information in claims that Titanium had relationships with companies like PayPal and Disney.

Officials with the U.S. securities regulator obtained an emergency asset freeze and the appointment of a receiver in relation to the token sale, which raised as much as $21 million, according to the SEC…

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