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Three Indicted In $25M Crypto Card ICO Fraud Scheme

Law360 (May 14, 2018, 10:58 PM EDT) -- A federal grand jury in New York has returned an indictment charging three Floridians with securities and wire fraud, based on allegations that they defrauded investors of $25 million by lying about their startup’s cryptocurrency debit card ahead of its initial coin offering, the U.S. Attorney’s Office announced Monday.

Raymond Trapani, 27; Sohrab Sharma, 26; and Robert Farkas, 31, who co-founded the cryptocurrency company Centra Tech Inc., are accused of luring investors into buying unregistered securities by faking licensing agreements with major card companies such as Visa and Mastercard and inventing two executives with lofty credentials to lend credibility to the...

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Case Number

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Court

New York Southern

Nature of Suit

Date Filed

March 31, 2018


Case Title

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Case Number

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Court

New York Southern

Nature of Suit

Date Filed

May 14, 2018

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