Ex-CEO charged in plot to defraud investors out of millions

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 fraudulently solicited investments in his Arlington-based company, which was billed as a service for connecting customers with private investigators.

The Justice Department says Boice raised approximately $18.5 million from more than 90 investors and diverted much of that money for his personal benefit.

Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up