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Co-Founder Of Fraudulent Business Pleads Guilty After Selling $25 Million Worth Of Tokens

Emily Mason

Summary: Co-founder of cryptocurrency company Centra Tech plead guilty to conspiring to commit securities and wire fraud on Tuesday, June 16, a release from the Justice Department stated. Robert Joseph Farkas persuaded investors into contributing more than $25 million worth of cryptocurrencies in Centra Tech, which claimed to offer crypto-related products including a "Centra card" which supposedly ...

Co-founder of cryptocurrency company Centra Tech plead guilty to conspiring to commit securities and wire fraud on Tuesday, June 16, a release from the Justice Department stated.

Robert Joseph Farkas persuaded investors into contributing more than $25 million worth of cryptocurrencies in Centra Tech, which claimed to offer crypto-related products including a "Centra card" which supposedly would allow clients to use cryptocurrency to make purchases at any establishment accepting Visa or Mastercard.

The company launched its unregistered ICO in July 2017 and used misrepresentations and omissions to charm investors into purchasing the company's tokens.

Each of Mr.Farkas charges carry a maximum sentence of 5 years in prison. He has not yet been sentenced. 

By Emily Mason

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