A Virginia person was sentenced nowadays to more than 8 decades in jail for his involvement in a fraud scheme resulting in millions of dollars of losses to traders.
Daniel Boice, 41, of Alexandria, pleaded responsible to just one rely of securities fraud and one depend of wire fraud on Dec. 3, 2020. In accordance to court docket paperwork, commencing in 2015, Boice fraudulently solicited investments in Trustify, an Arlington-primarily based business that Boice promoted as the “Uber” of non-public investigator expert services. Boice elevated far more than $18 million from over 250 personal and corporate investors by, amongst other matters, falsely overstating Trustify’s economic functionality. To safe investor capital, Boice inflated Trustify’s monthly and once-a-year revenues in in depth fraudulent economic statements and trader displays, and he fabricated massive company organization associations to aid his wrong statements about Trustify’s development. In addition, Boice developed a pretend electronic mail account to pose as a outstanding possible trader, and he then utilized the account to deliver a fraudulent electronic mail to correctly encourage an investment decision agency to make investments nearly $2 million in Trustify.
Boice also produced bogus statements to investors about the amount of money of investor resources that he would individually acquire, while diverting a substantial amount of the trader cash to his have benefit. Boice individually derived at least $3.7 million in proceeds from the fraud, such as various million bucks in transfers from Trustify to financial institution accounts under his manage and in private prices on credit cards paid out with Trustify resources. Boice diverted Trustify cash, for case in point, to safe the down payment on a $1.6 million household in Alexandria and a $1 million seashore house in New Jersey, as effectively as to pay for a chauffeur, household manager, and a variety of luxury products. Boice also employed Trustify funds to spend for family members vacations, private jet journeys, and above $100,000 for high quality seats at sporting occasions.
In 2019, faced with declining revenues and the implications of Boice’s diversion of organization assets for his personal expenditures, Trustify was positioned into company receivership by the Delaware Chancery Court. The company’s collapse led to more than $18 million in losses to investors and more than $250,000 in unpaid wages and related costs for Trustify’s staff.
Additionally, Boice was ordered to pay back $18,131,742.21 in restitution and forfeit $3.7 million.
Acting Assistant Lawyer General Nicholas L. McQuaid of the Justice Department’s Prison Division Performing U.S. Lawyer Raj Parekh of the Eastern District of Virginia and Exclusive Agent in Cost James A. Dawson of the FBI’s Washington Subject Office environment Criminal Division manufactured the announcement.
The FBI’s Washington Field Business investigated the circumstance with help from the Virginia State Corporation Fee.
Demo Legal professional Blake Goebel of the Justice Department’s Fraud Area and Assistant U.S. Lawyer Russell L. Carlberg of the U.S. Attorney’s Workplace for the Japanese District of Virginia prosecuted the circumstance.