US Prosecutors Indict Three Co-Founders Of Floyd Mayweather-Backed ICO For Fraud

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US Prosecutors Indict Three Co-Founders Of Floyd Mayweather-Backed ICO For Fraud

The three co-founders of cryptocurrency startup Centra Tech have been formally indicted for working fraudulent ICO, in line with a press release Might 14 from the U.S. Division of Justice.

Based on the four-count indictment issued by the U.S. District Court docket in Manhattan, all three Centra Tech co-founders Sohrab Sharma, Robert Farkas, and Raymond Trapani are being charged with securities fraud, wire fraud and two conspiracy counts.

Centra Tech’s Preliminary Coin Providing (ICO) raised $32 mln from traders in 2017. The Florida-based defendants had misled traders by falsely claiming that their firm had partnered with Visa  MasterCard to subject digital forex debit playing cards.

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Centra Tech was beforehand promoted by celebrities Floyd Mayweather and DJ Khaled.

Late final month, US Securities and Change Fee (SEC) Commissioner Robert Jackson expressed criticism of ICOs basically, claiming that traders “are having a tough time telling the distinction between investments and fraud.”

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