ALEXANDRIA, Va. (AP) — The former CEO of a Northern Virginia tech startup is facing five years or more in prison after pleading guilty to duping investors out of more than $18 million by lying about 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.
Defense lawyers are seeking a five-year sentence. Prosecutors are asking for an eight-year term.
He raised more than $18 million from more than 90 different investors for a company called Trustify that was supposed to connect consumers with 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, who served as a vice president of Trustify.
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