Fraudulent ICO operator bags one year in prison

Spread the love

TL;DR Beakdown Robert Farkas bags 1 year 1 day in jail Farkas may lies to investors Aftermath of celebrities endorsement in the project Robert Farkas, a fraudulent ICO operator for an investment firm, Centra Tech has been sentenced to one year, one day in jail by a Manhattan court. He was charged for felony and […]

TL;DR Beakdown

  • Robert Farkas bags 1 year 1 day in jail
  • Farkas may lies to investors
  • Aftermath of celebrities endorsement in the project

Robert Farkas, a fraudulent ICO operator for an investment firm, Centra Tech has been sentenced to one year, one day in jail by a Manhattan court. He was charged for felony and found guilty.

Centra tech is a Miami-based company he co-founded and that purported to offer cryptocurrency-related financial products.

The fraudulent ICO operator garnered $25 million investment during the ICO in 2017 and managed to get celebrity endorsement from boxing champion Floyd Mayweather and music star Dj Khaled.

Farkas also lied about his firm, Centra Tech being a licensed money service business in 38 states. The fraudulent ICO operator also claimed that his firm was a partner with Visa and Mastercard all to lure victims into investing in its ICO.

Much has been said about ICO’s with this type of scam is one of the most populous in the crypto space.

RECOMMENDED READ:  JPMorgan Strategists Have Predicted Demand Of $600 Billion For Bitcoin

The U.S. Security and Exchange Commission have also warned potential investors of increased risk of fraud and manipulations that come in an ICO stating that the markets for these assets are less regulated than traditional capital markets.

Many lies of Frakas, fraudulent ICO operator

Apart from celebrities endorsement and money operation license claims in 38 states, the fraudulent ICO operator fed victims other lies to further enhance his scam operation.

According to a Department of Justice release, Farkas in oral and written offering materials disseminated via the internet claimed Centra Tech had an experienced executive team with impressive credentials, including a purported CEO named “Michael Edwards” with more than 20 years of banking industry experience.

They also claimed that Centra Tech had formed partnerships with Bancorp, Visa, and Mastercard to issue Centra Cards licensed by Visa or Mastercard.

Aftermath of Floyd Mayweather, DJ Khaled endorsement

After both celebrities involvement, the where dragged in legal battles by investors for promoting the fraudulent ICO.

Both were, however, lucky after a judge ruled that the investors who brought the legal action failed to prove they bought tokens as a direct result of the pair’s actions.

They managed to dodge sanctions based on Judge Robert Scola ruling.

RECOMMENDED READ:  Triple Reasons Ethereum price increases higher than the Bitcoin price this year.

 232 Interactions,  4 today

READ ALSO:
Bitcoin Price Movement Analysis for 16th April, 2021

Today, the Bitcoin price is plummeting as buyers race to win after it hit an all-time high of $64,945. Bitcoin Read more

The Nigerian Securities and Exchange Commission (SEC) claims that the central bank’s crypto ban has caused business disruption.

The Nigerian Securities and Exchange Commission says it is collaborating with the central bank to develop a regulatory system for Read more

Finance authorities dismiss cryptocurrencies, in the wake of Coinbase’s IPO celebrations

Economic gatekeepers are taking a closer look at blockchain as mainstream coverage of the Bitcoin bubble and Coinbase listing intensifies. Read more

Romanian university intends to consider cryptocurrency payments for admissions fees.

The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

The cryptocurrency market cap has surpassed $2 trillion, making it as valuable as Apple.

For the first time, the total market value of all cryptocurrencies exceeds $2 trillion. According to Goingecko numbers, the total Read more

Why crypto analyst Ben Armstrong says, ‘He Very Confident Bitcoin Will Reach $300K This Year.’

Recently, blockchain expert and influencer Ben Armstrong mentioned Bitcoin in a video posted to his highly popular YouTube channel “BitBoy Read more

Binance Coin, Dogecoin, SushiSwap Price Movement Analysis for 4th April, 2021

Binance Coin predicted that fresher record thresholds will be set in the coming days due to solid technicals. Following a Read more

Tron Price Movement Analysis for 4th April, 2021

In the cryptocurrency industry, excessive uncertainty has had a long-term effect on the price of the digital commodity. This uncertainty Read more

Leave a Reply

Contact Us