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Centra Tech CEO fined $250,000 & to serve up to 87 months in prison

Centra Tech CEO fined $250,000 & to serve up to 87 months in prison
  • The founder of the crypto company Centra Tech, Robert Farkas pleaded guilty in a federal court in Manhattan earlier this week. 
  • The federal court in Manhattan state sentenced the founder of the $25 million ICO scam to 87 months and a fine of up to $250,000.

The founder of the crypto company Centra Tech, Robert Farkas pleaded guilty in a federal court in Manhattan earlier this week. The federal court in Manhattan state sentenced the founder of the $25 million ICO scam to 87 months and a fine of up to $250,000.

In the official statement, it accused Farkas of conspiring to commit securities and wire fraud and ordered a sentence between 70 to 87 months with the hefty fine slapped on top of it. Despite this, no date of the sentence has been confirmed as of yet.

The Miami-based ICO company was launched by Farkas along with two other co-founders. Sohrab Sharma and Raymond Trapani have their trial set to go ahead in November this year.

The ICO company was promoted by several well-known figures in the celebrity world such as Floyd Mayweather Jr. and the popular musician, DJ Khaled. It was between July and October 2017 and 2018, the United States securities and exchange commission charged both of the celebrities for unlawfully promoting crypto coin offerings with our view into the followers that they have been paid to do such a thing. 

 The very foundation of the ICO company was based on lies and misleading the public about the core team members. The firm made promises to launch a card that could be used in order to pay in cryptocurrencies to all nations accepting Visa or MasterCard payments but it was later found out that they had never formed a partnership or license with either of the two payments companies.

For more news on this and other crypto updates, keep it with CryptoDaily!

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