Published On: Wed, May 16th, 2018

US Court Indicts Founders of Crypto Company for Fraudulent Scheme

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A US federal court has indicted three founders of a company purported to offer cryptocurrency-related financial products and have raised $25 million in an initial coin offering. In addition to claiming to have licenses in 38 states, the company also claimed partnerships with Bancorp, Visa, and Mastercard to issue its own cards.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Three Founders Indicted
The US Department of Justice (DOJ) announced on Monday that the founders of a cryptocurrency-related company have been indicted in the Manhattan federal court.
Florida residents Sohrab Sharma, 27, Raymond Trapani, 27, and Robert Farkas, 31, are co-founders of a startup called Centra Tech. The company purported to offer cryptocurrency-related financial products including the Centra Card, a debit card which supposedly “allowed users to spend various types of cryptocurrency to make purchases at any establishment that accepts Visa or Mastercard payment cards,” the DOJ described.
The three were arrested last month. The US Attorney’s Office of Southern District of New York and the Federal Bureau of Investigation (FBI) seized 91,000 ether which was “raised from victims as part of the charged scheme” in an initial coin offering (ICO).
The attorney for the United States, …

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