SEC case against Titanium intensifies - CEO Michael Stollaire accused of multiple instances of fraud...

Yesterday, we broke the news of an investigation by the SEC into Titanium, and today things look even worse than we initially thought.

A press release just put out buy the Securities and Exchange commission is accusing Titanium Blockchain (trading under TBIS) of multiple instances of fraud - and has now issued an "Emergency Order Halting Fraudulent Coin Offering Scheme".

The SEC outlines the violations as:

"Titanium President Michael Alan Stollery, a/k/a Michael Stollaire, a self-described “blockchain evangelist,” lied about business relationships with the Federal Reserve and dozens of well-known firms, including PayPal, Verizon, Boeing, and The Walt Disney Company.  The complaint alleges that Titanium’s website contained fabricated testimonials from corporate customers and that Stollaire publicly – and fraudulently –claimed to have relationships with numerous corporate clients.  The complaint alleges that Stollaire promoted the ICO through videos and social media and compared it to investing in Intel or Google."

“This ICO was based on a social media marketing blitz that allegedly deceived investors with purely fictional claims of business prospects,” said Robert A. Cohen, Chief of the SEC Enforcement Division’s Cyber Unit.

IDEX has de-listed the coin, and we expect other exchanges to do the same.

The full SEC press release can be viewed here. 

Author: Ross Davis
E-Mail: Twitter:@RossFM
San Francisco News Desk