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SEC obtains court order to halt Titanium Blockchain's initial coin offering

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SEC obtains court order to halt Titanium Blockchain's initial coin offering

The U.S. Securities and Exchange Commission has obtained a court order to halt the initial coin offering of Titanium Blockchain Infrastructure Services over fraud allegations.

The court also approved an emergency asset freeze and the appointment of a receiver for Titanium Blockchain.

Titanium Blockchain President Michael Stollery allegedly made fraudulent claims that he has business relationships with the Federal Reserve and large companies, including PayPal, Verizon and Boeing. Stollery also allegedly compared investing in the company's coin offering as similar to investing in Intel or Google. The blockchain company's website also allegedly contained fabricated testimonials from customers.

The complaint, filed May 22 with the federal district court in Los Angeles, said those claims were made to publicize the initial coin offering. It also accused another Stollery company, EHI Internetwork and Systems Management Inc., of violating anti-fraud policies.

The initial coin offering has raised as much as $21 million from investors in and out of the U.S.