According to the US Department of Justice, Michael Alan Stolleri, CEO of Titanium Blockchain Infrastructure Services (TBIS), has pleaded guilty to participating in a fraudulent ICO scheme that raised about $21 million.

According to court documents, Stolleri, who resides in California, founded TBIS and promoted the platform as a “cryptocurrency investment opportunity.” Stolleri encouraged investors to buye the BAR token offered through an ICO through “a series of false and misleading claims.”

He also failed to register the coin offering as required by the US Securities and Exchange Commission (SEC).

Stolleri has admitted he falsified aspects of the TBIS white paper, including the purpose and technology of coin placement, differences from other tokens as well as profitability prospects.