The Securities and Exchange Commission (SEC) disclosed the fraudulent activities of another ICO scam project worth $21 million, resulting in charges brought against the company Titanium Blockchain Infrastructure Services and its leader Michael Stoller.
Titanium Blockchain Infrastructure Services and its head Michael Stoller are accused of securities fraud. The US Securities and Exchange Commission filed charges for violating its rules on business registration and fighting with fraud during token sale.
SEC Obtains Emergency Order Halting Fraudulent Coin Offering Scheme: https://t.co/k2AqSWw9Mf
— SEC Enforcement (@SEC_Enforcement) May 29, 2018
Michael Stoller is accused of deliberately not informing future investors. He claimed that his company works with such global giants as Disney and Paypal.
Officials of the SEC froze assets of the company and funds in the amount of $21 million.
We remind you that this is not the first suppression of illegal activities by representatives of the SEC. Centra’s activities were also halted for not informing the ICO organizers that they were cooperating with Mastercard and Visa.
“This ICO was based on a social media marketing blitz that allegedly deceived investors with purely fictional claims of business prospects. Having filed multiple cases involving allegedly fraudulent ICOs, we again encourage investors to be especially cautious when considering these as investments.”
According to the information, the complaint on Stoller and Titanium was received on the 22nd of May, which also mentioned the company EHI Internetwork and Systems Management.