A co-founder of the fraudulent 2017 ICO Centra Tech has been sentenced to eight years in prison for his role in the scheme.
Sohrab Sharma, the co-founder of the notorious celebrity-spruiked initial coin offering of 2017, Centra Tech, has been sentenced to eight years in prison for his leading role in the fraudulent scheme that duped investors out of more than $25 million.
Shama had previously pled guilty to conspiring to commit wire fraud, securities fraud, and mail fraud for material misrepresentations made by him and his co-conspirators to solicit investors to participate in the scheme.
United States attorney, Ilan Graff, described Sharma as having “led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products.”
“In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars.”
The court found that Sharma and co-defendants Robert Farkas and Raymond Trapani founded Centra around July 2017, claiming that the firm offered a crypto debit card and other digital asset-related products.