Tuesday, 12 November, 2019

2 founders of $32 million Centra virtual currency arrested

2 founders of $32 million Centra virtual currency arrested 2 founders of $32 million Centra virtual currency arrested
Shannon Reynolds | 04 April, 2018, 00:56

Inc., masterminded a fraudulent ICO in which Centra offered and sold unregistered investments through a "CTR Token". The truth, however, is that the ICO isn't connected with the payment processing giants. Co- Founders Sohrab Sharma and Robert Farkas were caught while they tried fleeing the country.

According to the SEC, Centra raised a whopping $32 million in 2017 by way of an ICO, which is basically a method of fundraising wherein companies sell custom digital currencies in exchange for bitcoin or fiat currencies such as the USA dollar.

Sohrab Sharma and Robert Farkas who are now heading the infamous Centra Tech Coin were reprimanded and arrested by the authorities a day before when they were all set to leave the country. The ICO took place previous year.

The use of celebrities, particularly Mayweather, was also noted by the SEC, which added that the defendants "relied heavily on celebrity endorsements and social media to market their scheme".

The charges boil down to Sharma and Farkas making promises to investors that were completely unfounded, including offering a debit card backed by Visa and MasterCard, even though they had no relationship with either company.

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The two people claimed to offer a debit card backed by Visa and Mastercard that allow people to convert cryptocurrency to US dollars to spend it in stores. Centra Tech also got endorsements from boxing champion Floyd Mayweather, Jr. and music producer DJ Khaled.

Centra sold $32 million in "CTR Tokens" to investors in September.

The Securities and Exchange Commission (SEC) last night said that both of the founders of Centra Tech, the purported financial services startup which raised the cash from "thousands" of investors, had been arrested by criminal authorities and charged with fraud. That claim would later be referenced in the SEC's complaint as well as the filings submitted by the Justice Department. The complaint seeks permanent injunctions, return of allegedly ill-gotten gains plus interest and penalties, as well as bars against Sharma and Farkas serving as public company officers or directors and from participating in any offering of digital or other securities. The SEC clarified in March that it is looking to apply securities laws to cryptocurrency exchanges and wallets. Liberty and his accomplices then allegedly stole most of the more than $48 million raised to fund a lavish lifestyle that included private jet flights, multi-million dollar residences, expensive cars, and movie production ventures.

The SEC initially subpoenaed Centra in February, likely as part of its broad probe into ICOs.

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