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Tech company founder facing years in prison for stock fraud

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Tech company founder facing years in prison for stock fraud

ALEXANDRIA, Va. (AP) — The former CEO of a northern Virginia tech startup is facing 5 years or extra in prison after pleading guilty to duping investors out of larger than $18 million by lying in regards to the company’s financial performance.

Daniel Boice, 41, of Alexandria, is scheduled for sentencing Friday in federal court. He pleaded guilty in December to stock fraud and wire fraud.

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Defense attorneys are seeking a 5-year sentence. Prosecutors are asking for an eight-year term.

He raised bigger than $18 million from bigger than 90 reasonably about a investors for a company known as Trustify that changed into imagined to join customers with personal investigators. However Boice admitted he outdated no lower than $3.7 million of the money for personal funds, including personal jet shuttle and furnishing a seaside commute home.

The Securities and Replace Payment has additionally filed a civil complaint against Boice and his principal other on the time, Jennifer Mellon, who served as a vp of Trustify.

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Tech company founder facing years in prison for stock fraud