SEC Investigates Titanium Blockchain For Possible ICO Fraud
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The US Securities and Exchange Commission has obtained a court order against Titanium Blockchain Infrastructure Services (TBIS), a blockchain-based startup company that has just held an ICO and, allegedly, managed to raise $21 million from investors, in the U.S. and abroad. According to the SEC, this ICO was based on false claims that TBIS is cooperating with many well-known companies and organizations, which served to deceive investors and trick them into investing in TBIS’s new coin.
According to SEC, Michael Stollaire, founder of the ICO, gave false information to the company’s investors and claimed that the firm is associated with major companies, such as PayPal, Federal Reserve, Verizon, Boeing, and Disney, in an attempt to attract investors and their money. The SEC obtained an emergency asset freeze against Titanium and filed charges against the Stollaire. They allege he was selling securities, claiming that investments in BAR tokens would bring highly secure distributed solutions and applications.
Read more on: https://cryptocoin.news/news/altcoin/sec-investigates-titanium-blockchain-for-possible-ico-fraud-14695/
