ALEXANDRIA, Va. (AP) — 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.
Daniel Boice, 41, of Alexandria, pleaded guilty Thursday in U.S. District Court in Alexandria to stock fraud and wire fraud.
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.
One investor contributed nearly $2 million. 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.
Boice, who also had a residence in Fernandina Beach, Florida, will be sentenced in March.
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