Moreover, the defendant allegedly diverted millions of dollars of investors’ funds for his personal benefit such as paying for his lavish lifestyle. He allegedly raised around $18.5 million from more than 90 investors.
Boice is facing five counts of wire fraud, one count of securities fraud, and two counts of money laundering.
In a related case, the SEC sued Trustify and Boice for violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Commission also included GoLean and former Trustify executive Jennifer Mellon as a relief defendant.
In a statement, SEC Philadelphia Regional Office Director, said, “As alleged in our complaint, Boice and Trustify lied to investors about their failing business to give the appearance of a thriving technology startup, while misappropriating investor funds to support an extravagant lifestyle. The scheme resulted in millions of dollars in investors’ losses, and the SEC will do all it can to hold the defendants accountable.”
