A US federal court sentenced Centra Tech co-founder Sohrab Sharma to eight years in prison for conducting a fraudulent ICO in 2018.
Centra Tech’s ICO attracted attention with the company’s management promoting the token sale with the help of celebrities, including the famous boxer Floyd Mayweather and musician DJ Khaled. In 2018, the FBI confiscated over 100,000 ETH from Centra Tech and subsequently sold the coins.
Sohrab Sharma was found guilty of conspiracy to commit securities fraud, as well as electronic and mail fraud. In addition to eight years in prison, Sharma received 3 years of probation and a $ 20,000 fine. In addition, he was deprived of $ 36 million received during the ICO.
Centra Tech was founded in 2017 and has attracted investors with applications to create a group of products, including a debit card. The company’s management talked about agreements with Bancorp, Visa and Mastercard, but in reality these agreements did not exist.
Recall that another co-founder of Centra Tech, Robert Farkas, received a year in prison.
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