- The mind behind the fraudulent Centra Tech initial coin offering, Robert Farkas has been negotiating a plea bargain for his role in the project.
- You may recognise the name of the project as many celebrities got involved including Floyd Mayweather and DJ Khaled.
The mind behind the fraudulent Centra Tech initial coin offering, Robert Farkas has been negotiating a plea bargain for his role in the project. You may recognise the name of the project as many celebrities got involved including one of the biggest names in boxing, Floyd Mayweather, and one of the biggest names in music, DJ Khaled.
Judge Lorna Schofield of the United States district gave the attorneys for Farkas the request to schedule a plea hearing for the next week in regards to details that have not been disclosed as of yet. The trial of Farkas and his fellow colleague Sohrab Sharma were delayed until September due to COVID-19 taking the world by storm earlier this year in March.
The two are facing charges for defrauding investors out of more than $25 million over the course of 2017. From July to October that year, the ICO falsified license agreements with MasterCard and Visa in order to build up excitement and hype for the project. Later, Floyd Mayweather Jr. and DJ Khaled got involved in a project to publicly promote it on their social media accounts.
In July last year, another person involved with the ICO, Raymon Trapani pleaded guilty on nine accounts of operating the project.
It didn’t take long after Centra Tech was found to be a fraudulent project for Mayweather and Khaled to be charged by the securities and exchange commission in the United States for unlawfully touting coin offerings in relation to cryptocurrency.