Accused ICO Fraudsters Deny $25M Crypto Card Scheme

By Stewart Bishop (May 21, 2018, 4:29 PM EDT) -- Two co-founders of cryptocurrency company Centra Tech Inc. on Monday denied charges of conning investors in a $25 million initial coin offering to fund a digital currency payment card they falsely claimed was backed by major payment processors including Visa Inc.

Sohrab "Sam" Sharma and Robert Farkas made a brief appearance before U.S. Magistrate Judge Katharine H. Parker in Manhattan, and their attorneys entered not guilty pleas on their behalf to securities fraud, wire fraud and conspiracy charges.

A third defendant, former Centra Tech Chief Operating Officer Raymond Trapani, is also facing charges but has yet to be arraigned. Both Sharma...

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