(2022)
SEC v. Titanium Blockchain
Year
2022
Criminal or Civil
Civil
Year Resolved
Not yet resolved as of last major update (litigation initiated in 2018)
Jurisdiction (Court/State)
U.S. District Court, Central District of California (C.D. Cal.)
Filed By
U.S. Securities and Exchange Commission (SEC)
Penalty/Fine (USD)
“Up to $21 million sought in disgorgement, plus penalties (exact final amount TBD; preliminary injunction and asset freeze granted)
“
Lawsuit Overview
The SEC charged Titanium Blockchain Infrastructure Services, its affiliated company EHI Internetwork and Systems Management, and president Michael Stollery with fraudulently raising up to $21 million through an unregistered ICO. The defendants falsely claimed business relationships with major firms and used fake testimonials to promote the offering.
Category
ICO Fraud / Securities Violation / Misrepresentation
Notable Individuals Involved
Michael Alan Stollery (aka Michael Stollaire) – President of Titanium
SEC Enforcement Team: David S. Brown, Joseph G. Sansone, Diana K. Tani, David VanHavermaat
Investor Loss Estimate
Approximately $21 million
Final Outcome
Preliminary injunction granted; litigation ongoing at time of reporting; permanent receiver appointed
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