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Ex-CEO pleads guilty to $18 million stock fraud

Posted at 1:57 PM, Dec 04, 2020
and last updated 2020-12-04 13:57:05-05

ALEXANDRIA, Va. -- The former CEO of a northern Virginia tech startup has pleaded guilty to duping investors out of more than $18 million by lying about the company’s financial performance.

Forty-one-year-old Daniel Boice of Alexandria pleaded guilty Thursday in federal court to stock fraud and wire fraud.

He raised more than $18 million from roughly 90 different investors for a company called Trustify that connected consumers to private investigators.

But Boice admitted he used at least $3.7 million of the money for personal expenses, including private jet travel and furnishing a seaside vacation home.

The Securities and Exchange Commission has also filed a civil complaint against Boice and his wife at the time, Jennifer Mellon.