ALEXANDRIA, Va. (AP) - The former CEO of a Virginia technology company has been charged with participating in a scheme that defrauded investors out of millions of dollars.
A federal indictment unsealed on Friday charged Trustify Inc. co-founder Daniel Boice with five counts of wire fraud, one count of securities fraud and two counts of money laundering.
The indictment says Boice, 41, of Alexandria, Virginia, fraudulently solicited investments in his Arlington-based company, which was billed as a service for connecting customers with private investigators.
Boice raised approximately $18.5 million from more than 90 investors and diverted much of that money for his personal benefit, the Justice Department said in a news release. Prosecutors also said Boice falsely overstated Trustify’s financial performance and lied to investors about the amount of investor funds that he would personally receive.
The U.S. Securities and Exchange Commission is filing a civil complaint against Boice for related conduct, according to the news release.
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