Published On: Wed, May 16th, 2018

Centra Tech Co-founders Indicted in $60 Million ICO Fraud

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A grand jury in the Southern District of New York has indicted the three co-founders of Centra Tech. The U.S. Attorney’s Office of the district issued a press release on May 14 announcing the indictment.
The Centra Tech Fraud
Sorhab Sharma, Raymond Trapani, and Robert Farkas, the three co-founders of Centra Tech allegedly tried to defraud investors via a token sale. They were all arrested in April 2018 and charged with the same crimes. Commenting on the indictment, Deputy U.S. Attorney for the Southern District of New York, Robert Khuzami said that:
As alleged, the defendants conspired to capitalize on investor interest in the burgeoning cryptocurrency market.  They allegedly made false claims about their product and about relationships they had with credible financial institutions, even creating a fictitious Centra Tech CEO.  Whether traditional or cutting-edge, investment vehicles can’t legally be peddled with falsehoods and lies.
The indictment alleges that the three men solicited investors to purchase unregulated securities. The securities in the form of CTR digital currency tokens were sold in an illegal ICO.
The Centra Tech founders also deceived investors into thinking the company had struck partnership deals with reputable corporations. Part of …

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