Crypto firm co-founder to plead guilty in celeb-touted scam
15 Jul 2020

The third co-founder of a cryptocurrency firm plans to plead guilty to duping investors into putting more than $25 million in an initial coin offering that the company promoted with the help of celebrities including boxer Floyd Mayweather and musician DJ Khaled.

Sohrab “Sam” Sharma, co-founder of Centra Tech Inc., has agreed to change his plea, his lawyers told U.S. District Judge Lorna G. Schofield in a court filing Monday in New York. Sharma had been scheduled to go to trial in November.

Centra Tech’s other co-founders, Robert Farkas and Raymond Trapani, already pleaded guilty to charges that they misled investors by claiming to have developed a debit card, called the “Centra Card,” allowing users to make purchases with digital currency at any business accepting Visa or Mastercard. Farkas is scheduled for sentencing in October.

By Chris Dolmetsch, Bloomberg, 13 July 2020

Read more at Bloomberg

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