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Federal Prosecutors Pursue Harsh Sentence For Co-Founder Of Centra Tech Following Fraud Token Sale
Summary: U.S. Federal prosecutors are seeking a heavy prison sentence for Robert Farkas, co-founder of Centra Tech, which was wrapped up in a scam robbing investors of millions of dollars, according to a sentencing submission filed with the U.S. District Court for the Southern District of New York. Centra Tech used multiple celebrity endorsements to rake ...
U.S. Federal prosecutors are seeking a heavy prison sentence for Robert Farkas, co-founder of Centra Tech, which was wrapped up in a scam robbing investors of millions of dollars, according to a sentencing submission filed with the U.S. District Court for the Southern District of New York.
Centra Tech used multiple celebrity endorsements to rake in funds for its initial coin offering in 2017. Farkas and his co-founders told investors that the company would issue a "Centra Card" crypto debit card issued by Mastercard or Visa and claimed it had 38 state money transmitter licenses. In June, prosecutors proved none of these claims were true.
Farkas pleaded guilty to conspiring to commit securities and wire fraud. Farkas has requested home confinement and community service, but prosecutors are arguing that that would be insufficient given the seriousness of the crimes.
By Emily Mason
Tags: Centra Tech,ICO,Initial Coin Offering,Mastercard,US District Court for the Southern District of New York,Visa
Link: Federal Prosecutors Pursue Harsh Sentence For Co-Founder Of Centra Tech Following Fraud Token Sale [Copy]
