Centra Tech Co-Founder Sentenced to Eight Years for Illegal ICO

Subheading 1

Centra Tech co-founder, Sohrab Sharma, has been sentenced to eight years in prison for conducting an illegal initial coin offering (ICO) that defrauded investors of over $25 million.

Subheading 2

Sharma, along with co-founders Robert Farkas and Raymond Trapani, founded Centra Tech in 2017. The company claimed to be developing a cryptocurrency debit card and mobile payment app. However, the ICO was later found to be a scam, and the company was shut down.

Subheading 3

In a statement, the US Attorney's Office said that Sharma "knowingly and willfully defrauded investors by making false and misleading statements about Centra Tech's technology, products, and business prospects."

Subheading 4

Sharma pleaded guilty to conspiracy to commit securities fraud and wire fraud in October 2020. He was sentenced to eight years in prison and ordered to pay $25 million in restitution.

Subheading 5

Farkas and Trapani have also pleaded guilty to charges related to the ICO. They are scheduled to be sentenced later this year.