U.S. prosecutors have secured a plea of guilt from Sohrab Sharma, a co-founder of the Centra Tech Initial Coin Offering (ICO) scam.
- As per Friday's admission, Sharma, 29, confessed that he and his associates Raymond Trapani and Robert Farkas were misleading about their allegedly crypto-backed financial company alliances, branding, and leadership as they ripped off investors for $25 million. He also forfeited 10,000 dollars in ethereum ($2,329,200).
- The trio praised celebrity endorsements and lavish investment commitments when celebrating their relationship at the height of the 2017 ICO bubble.
- But their apparent success and big-name claims quickly caught the attention of investigators, and before long they faced legal action from regulators and investors alike.
- Sharma pled guilty to conspiracy to commit fraud in shares, attempting to commit wire fraud, and conspiring to commit mail fraud.
- Farkas pled guilty in June, though Trapani did the same thing last year.
