A Manhattan court has sentenced the operator of the fraudulent crypto investment company Centra Tech to one year and one day in jail.
As of December 15 Announcement of the Justice Department, Robert Farkas successfully raised $ 25 million in investment during the first coin boom in 2017. The ICO famously included promotion of boxer Floyd Mayweather and musician DJ Khaled, both of whom got into legal trouble for not disclosing that they have been paid for their participation.
In addition to celebrity endorsements, Farkas’ plan included lies about Centra Tech’s licensing as a money services company in 38 states, as well as partnerships with Visa and Mastercard. Given the brutal nature of the operation, the prosecutors were apparently looking to throw the book at Farkas. So today’s sentence is lighter than expected, with a year and a day as the minimum for Farkas to qualify as a criminal.
Co-founders Sohrab Sharma and Raymond Trapani also have pleaded guilty.