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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). ....
US Court Sentences Another Centra Tech Co-Founder to 8 Years in Jail Sohrab Sharma, a co-founder with the now-defunct Florida cryptocurrency firm, Centra Tech, has been sentenced to eight years in prison after he pleaded guilty to charges of duping investors via a fraudulent initial coin offering (ICO). Additionally, the court has ordered Sharma to forfeit $36,088,960. Material Misrepresentations Prior to Sharma’s sentencing, the U.S. Department of Justice (DOJ) similarly announced the jailing of Robert Joseph Farkas, another mastermind of Centra Tech. Both Sharma and Farkas are accused of using fabricated business relationships with legitimate institutions to dupe investors. In a statement, Ilan T. Graff, the Attorney for the United States, said Sharma had “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.” ....
Centra Tech Co-founder Bags 8-Year Jail Term For ICO Scam Last Updated: 05 March 2021 The co-founder of the fraudulent crypto investment firm, Centra Tech, Sohrab Sharma has been sentenced to eight years in prison for his role in duping investors out of more than $25 million. Ilan Graff, the Deputy United States Attorney for the Southern District of New York described Sharma as a fraud who co-founded a startup with the intention of deceiving investors with bogus business partnerships, bogus licenses and fake crypto-related financial products. Sharma Dupes Investors Of Millions Sharma and his cohorts, Robert Farkas and Raymond Trapani founded Centra Tech around July 2017 after which they conducted an Initial Coin Offering (ICO) where they distributed unlicensed securities in the form of CTR tokens. The ICO, which is similar to an IPO where a company raises capital for a new crypto offering, had them raise $25 million at its completion. ....