Startup Founder Charged With $18.5M Investment Scam
Law360 (July 24, 2020, 8:18 PM EDT) -- Federal prosecutors on Friday charged the founder of a Virginia tech startup with wire and securities fraud and money laundering for allegedly bilking 90 investors out of $18.5 million, the same day the U.S. Securities and Exchange Commission filed a civil complaint in Virginia federal court for the alleged scheme.
Prosecutors claim Daniel K. Boice, with his Arlington-based company Trustify Inc., raised money in five funding rounds selling preferred stock and convertible promissory notes, while lying to investors about the company's other investors, inflating revenue and spending at least $8 million for vacations, a private jet, a down payment on a...
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