centratech
Latest
SEC charges third 'mastermind' in ICO fraud case
The SEC is clearly determined to crack down on everyone involved in Centra Tech's allegedly fraudulent initial coin offering. Officials have filed fraud charges against a third "mastermind" in the case, Raymond Trapani, for reportedly helping to whip up false claims about the $32 million ICO and manipulate trading to keep the offering's price up. As evidence, the SEC trotted out a group text message where Trapani reportedly told Centra's Sohrab Sharma to "cook me up" a fake document while trying to get the company's tokens listed on an exchange using bogus credentials.
SEC charges two individuals with fraud in continuing ICO investigation
The SEC has charged two individuals for what it alleges was a fraudulent initial coin offering (ICO) that raised over $32 million last year. Sohrab Sharma and Robert Farkas co-founded Centra Tech Inc. and the SEC says the company sold unregistered investments through a token. Sharma and Farkas are said to have told potential investors that the company was working on a Visa and MasterCard-backed debit card that would convert cryptocurrencies into US dollars, but the SEC alleges Centra was not actually working with either of those companies. Additionally, the co-founders made up executives with impressive backgrounds and shared misleading information on the company's website.
