Co-Founder Of Mayweather’s ICO Project Sentenced To 8 Years In Jail

The co-founder of Mayweather’s ICO fraudulent project will spend 8 years in prison for misleading and stealing more than $25 million from the investors as we are reading more in our latest cryptocurrency news today.

The co-founder of Mayweather’s ICO project that ended up duping investors out of $25 million, Sohrab Sharma, received a sentence of eight years in prison for his part in the project. The project dubbed Centra Tech was backed by a few celebrities including DJ Khaled and boxing legend Floyd Mayweather. Founded in 2017, Centra Tech was marketed as a debit card provider that allowed purchases with cryptocurrencies at businesses that accept Mastercard or Visa.

The trio behind the project included Sohrab Sharma, Raymond Trapani, and Robert Farkas who claimed they were educated with more than 20 years of experience and they will run the project with their licenses to operate in 38 states.  The investigation from the Department of Justice concluded that the three co-founders fabricated all information and the authorities charged them with deceiving investors into allocating over $25 million from the fraudulent ICO project.

Farkas and Trapani pled guilty to conspiring to commit fraud, wire fraud, mail fraud, and more while Sharma joined later but now we see that he has received his sentencing which is 8 years in prison according to the DOJ statement. US attorney Ilam Graff explained that Sharma led a scheme to deceive investors by claiming that the project was fully functioning and used cutting-edge crypto products. He added that Sharma’s most notable inventions were the fake executives and fake partnerships that he made with his co-conspirators to trick victims into handing over tens of millions of dollars.

Taking advantage of the situation, Centra Tech received more endorsement from celebrities like Floyd Mayweather and DJ Khaled but they both failed to disclose that they accepted funding for their actions. Both were charged by the US SEC while later they agreed to pay penalties. The boxer paid $300,000 in disgorgement, $300,000 penalty and $14,755 in prejudgment interest. He also won’t promote securities or other digital projects for three years. Dj Khaled paid $50,000 in disgorgement, $100,000 penalty, and $2,725 in prejudgment interest while agreeing to avert promotions for two years.