Robert Farkas, 34, the co-founder of the cryptocurrency agency Centra Tech was sentenced to a yr in jail on Tuesday by US District Choose Lorna G. Schofield in Manhattan.
Farkas pleaded responsible to tricking buyers of over $25 million in an funding rip-off that was promoted by the likes of Floyd Mayweather and musician DJ Khaled, who settled their very own prices with the SEC for failing to reveal that they’d been paid to advertise the undertaking.
The opposite two co-founders have additionally pleaded responsible to their roles within the rip-off.
The responsible events solicited buyers in 2018 to commit frauds to an preliminary coin providing (ICO) for its “Centra Tokens” by falsely claiming that they’ve developed a debit card that may enable the customers to make purchases with digital forex at companies accepting Mastercard and Visa, mentioned prosecutors.
In different information, the Public Prosecutor’s Workplace of the Argentine metropolis of Córdoba indicted 12 individuals in reference to the Onecoin Ponzi scheme final week.
One of many greatest scams in crypto historical past, this Bulgaria-based undertaking netted about $four billion.
The native police carried out a number of raids and arrested eight individuals over time in several nations. Onecoin founder Ruja Ignatova, who was additionally indicated, continues to be at giant.