Ex-CEO pleads guilty to $18 million stock fraud

ALEXANDRIA (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 Dec. 3 to stock fraud and wire fraud in U.S. District Court in Alexandria.

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.