Cryptocurrency has increased in popularity, which has led to more frequent and sophisticated schemes in recent years as scammers look to take advantage of investors.
Sohrab ‘Sam’ Sharma was also ordered to forfeit more than $36 million.
The co-founder of a Miami-based firm that claimed to offer cryptocurrency-related financial products has been sentenced to eight years in prison for his role in a scheme that took more than $25 million from victims investing in the company’s digital funds.
Sohrab “Sam” Sharma pleaded guilty to conspiring to commit securities fraud, wire fraud, and mail fraud in connection with material misrepresentations and omissions used to solicit investors to buy digital tokens issued by Centra Tech, the company he co-founded, through fraudulent fundraising that included an initial coin offering (ICO).