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Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

Crypto CEO pleads guilty in $21 million fraud scheme

  • By Al Mayadeen English
  • Source: Agencies
  • 26 Jul 2022 15:00
2 Min Read

Titanium Blockchain's CEO admitted to releasing phony white papers and fraudulent testimonials in an ICO that raised $21 million.

  • x
  • Crypto CEO pleads guilty in $21 million fraud scheme.
    Crypto CEO pleads guilty in a $21 million fraud scheme.

The Department of Justice revealed that the CEO of Titanium Blockchain Infrastructure Services Inc. (TBIS) has pleaded guilty to his role in a $21 million cryptocurrency fraud conspiracy (DOJ).

The DOJ said on Monday the CEO, Michael Alan Stollery, had pled guilty to one count of securities fraud.

Stollery promoted his crypto enterprise as a cryptocurrency investment opportunity, enticing investors to purchase BARs, TBIS' sort of coin token service, through a series of misleading representations, according to court records.

Read next: Beware the New Crypto Scam

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According to Justice, Stollery failed to register his company's initial coin offering with the Securities and Exchange Commission and did not have a proper exemption.

Stollery also told authorities that he falsified his company’s white papers, which give investors an explanation of the cryptocurrency investment offering and the purpose and technology behind it.

He was also accused of posting bogus client testimonials on his company website and fraudulently claiming to have a good relationship with the Federal Reserve and a dozen other big companies.

Read next: US imposes sanctions on Blender.io over alleged North Korean violation

It stated that he admitted combining investor monies with personal finances for purposes unrelated to his company, such as credit card payments and the payment of bills for his Hawaii condominium.

Stollery is facing up to 20 years in prison and is scheduled to be sentenced on November 18.

  • Cryptocurrency
  • Titanium Blockchain Infrastructure Services
  • Michael Alan Stollery

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