SEC Charges Trustify Inc. and Founder in $18.5 Million Offering Fraud

The Securities and Exchange Commission today charged Trustify Inc., an online marketplace purportedly designed to connect customers to a network of private investigators, and its founder and CEO Daniel Boice with fraudulently offering and selling over $18.5 million of securities to more than 90 corporate and individual investors. The SEC’s complaint, filed in federal court in the Eastern District of Virginia, alleges that between 2015 and 2018, Trustify and Boice falsely held Trustify out as a successful startup with lucrative corporate clients, thousands of investigators in its network, and growing revenues. According to the complaint, however, Trustify’s number of investigators and revenue were far lower than represented and the company was unable to pay its employees and vendors and effectively ceased operations.