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Prosecutors are demanding a harsh sentence for the person responsible for the Centra Tech fraudulent ICO

November 4, 2020

The US Attorney’s Office is pushing for a long prison sentence against one of Centra Tech’s founders., the company behind an infamous coin offering in 2017 promoted by the professional boxer Floyd Mayweather and the musician Dj khaled.

In a motion for conviction filed by the government on October 31, the government called on the US district judge. Lorna Schofield condemn the co-founder of Centra Tech, Robert Joseph Farkasto “A substantial prison sentence” to deter other scammers from conducting illegal ICOs.

“While legitimate ICOs represent a new and efficient means of raising capital, A loss of investor confidence that can result from fraudulent ICO offers makes it difficult for honest coin issuers to raise capital through the digital asset markets“said the prosecution.

“As a result, this case requires a substantial penalty to send a strong message to others, such as the defendant trying to commit old-fashioned fraud using digital assets or other new technology.”

Prosecutors are demanding a harsh sentence for the person responsible for the Centra Tech fraudulent ICO
Prosecutors are demanding a harsh sentence for the person responsible for the Centra Tech fraudulent ICO

Farkas pleaded guilty in June to two fraud cases related to his role in the ICO That cheated more than $ 25 million from investors from July to October 2017 this June.

Centra Tech lied about licensing agreements with Visa, Mastercard and Bancorp to generate misinformed hype for your crypto and ICO debit card product, It was promoted with the support of celebrities.

At the presentation of the Farkas judgment on October 23rd applied for a previously served time sentence (55 days) plus house arrest and “a significant amount of community service”and claimed to have played an “undeniable” minor role in the system.

The prosecution did not agree and expected the federal guidelines to recommend between 70 and 87 months in prison, while the parole board suggested 60 months.

“Day in and day out for about nine months, Farkas got involved in a program that directly caused tens of millions of dollars in losses to hundreds of victim investors.”