Titanium Blockchain CEO Pleads Guilty in $21M Securities Fraud Case

Michael Stollery admitted to carrying out a fraudulent initial coin offering in 2018.

AccessTimeIconJul 25, 2022 at 9:02 p.m. UTC
Updated May 11, 2023 at 6:50 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Michael Stollery, CEO of Titanium Blockchain Infrastructure Services, has pleaded guilty to carrying out a fraudulent initial coin offering that raised $21 million from U.S. and overseas investors, according to a press release from the U.S. Justice Department.

  • According to court documents, Stollery didn't register his ICO with the SEC, as he was required to, nor did he have an exemption from those requirements. He admitted to forging the token’s white paper as well as user endorsements of the coin on its site, creating a facade of legitimacy.
  • He also acknowledged that rather than investing his clients’ money, he used at least a part of the funds for his own credit card payments and to pay bills on his vacation home in Hawaii.
  • Stollery and his company were originally charged with securities fraud in May 2018.
  • Stollery faces up to 20 years in prison on the count of securities fraud, and is scheduled to be sentenced on Nov. 18.
  • The SBF Trial: Timeline of FTX's Implosion
    03:35
    The SBF Trial: Timeline of FTX's Implosion
  • FTX Founder Sam Bankman-Fried Will Likely 'Take the Stand,' Lawyer Predicts
    08:22
    FTX Founder Sam Bankman-Fried Will Likely 'Take the Stand,' Lawyer Predicts
  • What Went Right During the ICO Era?
    04:56
    What Went Right During the ICO Era?
  • SEC Charges Terraform Labs, Do Kwon With Fraud; Former FTX Exec Reportedly Plans to Plead Guilty
    02:13
    SEC Charges Terraform Labs, Do Kwon With Fraud; Former FTX Exec Reportedly Plans to Plead Guilty
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Cam Thompson

    Cam Thompson was a news reporter at CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about