Trustify Inc. founder and CEO Daniel Boice allegedly raised around $18.5 million through a fraudulent securities scheme, the SEC and DOJ said Friday in Virginia federal district court.
Boice billed Trustify, formerly known as FlimFlam, as an online marketplace where customers could connect with thousands of private investigators. But he inflated the technology company’s revenue growth and didn’t tell shareholders he was diverting investments to “fund his lavish lifestyle,” the Justice Department said in a U.S. District Court for the Eastern District of Virginia indictment unsealed Friday.
Boice misappropriated at least $8 million to pay for “private jet charters, vacations, ...
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