TrendsWide
[email protected]
Contact
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Opinion
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Opinion
  • Lifestyle
  • Sports
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

Prosecutors seek harsh punishment for a scammer behind a celeb-endorsed ICO

souhaib by souhaib
November 4, 2020
in Economie
0
0
SHARES
20
VIEWS
Share on FacebookShare on Twitter


  • Per the prosecutors, US District Judge Lorna Schofield should make an example out of Farkas.
  • The prosecutors noted that federal guidelines recommend 70 to 87 months in prison.
  • The prosecutors filed a sentencing submission after Farkas proposed home imprisonment.

US federal prosecutors are requesting US District Judge Lorna Schofield to sentence a fraudster behind a celebrity-endorsed ICO to a long term in prison. A report unveiled this news on November 4, noting that the prosecutors filed a sentencing submission on October 31, demanding a harsh sentence against Robert Joseph Farkas, the co-founder of Centra Tech. Reportedly, the company conducted a fraudulent ICO backed by Floyd Mayweather and DJ Khaled in 2017.

In the sentencing submission, the prosecutors claimed that they are seeking harsh punishment for Farkas to prevent other fraudsters from conducting illicit ICOs. Per the prosecutors, legitimate ICOs create a new and effective method of raising capital. However, fraudulent ICOs cause the loss of investor confidence, making it difficult for honest coin issuers to raise capital through crypto coins.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The prosecutors went on to suggest that Judge Schofield should issue a substantial sentence against Farkas to send a strong message to other scammers that seek to use digital assets and new technologies to commit old-fashioned fraud.

Home imprisonment is not enough punishment

The prosecutors made their submission after Farkas submitted his on October 23. In his submission, Farkas claimed that he had played an indisputably minor role in the scheme. As such, he requested sentencing of the 55 days he had already served plus home confinement and a substantial amount of community work.

However, the prosecution disagreed saying,

“Farkas’s undeniable criminal conduct speaks for itself. Day in and day out, for approximately nine months, Farkas participated in a scheme that directly caused losses of tens of millions of dollars in funds from hundreds of victim investors. His participation continued even in the aftermath of the mounting criticism he faced as a result of the New York Times article, which revealed many of the lies that he and his co-conspirators used to lure investors. The methods that Farkas employed to lure victims, and then work to cover up the scheme by attempting to create a company and a product that lived up to the lies he perpetrated, evince the serious nature of his conduct and his role in the scheme which, while minor compared to Sharma and Trapani, was nonetheless significant and ongoing in nature.”

The prosecution office went on to state that federal guidelines recommend between 70 and 87 months in prison for committing such an offense. On the other hand, the probation office suggested 60 months.

A £19.2 million scheme

This news comes after Farkas pled guilty to two counts of fraud on June 16, this year. He reportedly accepted that he had conspired to commit securities and wire fraud by leading a scheme that defrauded US investors out of more than £19.2 million. Farkas’ co-conspirators Sam Sharma and Raymond Trapani also pled guilty to similar charges.



Source link

ADVERTISEMENT
ShareTweetPin
Previous Post

Utah voted to make hunting and fishing a constitutional right

Next Post

OMANIAC Professional Makeup Brushes Set (12Pcs), Pearl Flash Handles, Comfortable To Hold And Easy To Use. Eyeshadow, Blush, Blending, Full Face Cosmetic Kit With Brush Holder.

souhaib

souhaib

Related Posts

Economie

Gilead Sciences shares rise as Morgan Stanley upgrades its price target to $83

January 22, 2021
Economie

Tezos rallies 20% and returns to the market cap top20

January 22, 2021
Economie

Key takeaways from Kohl CEO’s Bloomberg interview

January 22, 2021
Next Post

OMANIAC Professional Makeup Brushes Set (12Pcs), Pearl Flash Handles, Comfortable To Hold And Easy To Use. Eyeshadow, Blush, Blending, Full Face Cosmetic Kit With Brush Holder.

PS5 DualSense Controller Seemingly Features a Removable Faceplate

Trump family are all smiles as they join Donald for his White House announcement

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Recommended

What are the best cryptocurrencies in the privacy sector?

3 months ago

Chelsea defender Malang Sarr close to agreeing season-long loan with Porto

4 months ago

PE Holy Grail

3 months ago

Sales training courses for engineers and techies

4 months ago

Categories

  • Australia
  • Business
  • Cryptocurrency
  • Deals
  • Discounts
  • Economie
  • Euro
  • Gaming
  • Lifestyle
  • News
  • Opinion
  • Sports
  • Travel
  • Trending
  • Uncategorized

Topics

bbc bbc health cnn ar business dailymail dailymail australia dailymail heath dailymail money dailymail sport day 7 euronews Health IGN rt arabic usa today usa today money usa today sport Women Fashion
No Result
View All Result

Highlights

The US Department of Justice charges Russian and Arab citizens with “data theft”

This 65-inch Samsung QLED TV is packed with premium features—and it's on sale

Covid: Peaky Blinders’ Black Country Museum is vaccine hub

Yukon Slip Nots Women’s Dress Shoe Traction

Inside the MAFS 2020 brides’ HUGE image transformations since appearing on the show

Daily Corona deaths in Tunisia exceed 100 cases for the first time

Trending

Trending

The US Senate votes Monday to name Janet Yellen Secretary of the Treasury

by souhaib
January 23, 2021
0

Reuters CHRISTOPHER ALUKA BERRY Follow RT on Senate Democrat Chuck Schumer confirmed that the House will...

Dakine Spike Stomp Stomp Pad

January 23, 2021

AFL star Shane Tuck, 38, diagnosed with degenerative brain disease six months after death

January 23, 2021

The US Department of Justice charges Russian and Arab citizens with “data theft”

January 23, 2021

This 65-inch Samsung QLED TV is packed with premium features—and it's on sale

January 23, 2021

Follow us on social media:

UK Jobs

Recent News

  • The US Senate votes Monday to name Janet Yellen Secretary of the Treasury
  • Dakine Spike Stomp Stomp Pad
  • AFL star Shane Tuck, 38, diagnosed with degenerative brain disease six months after death

Category

  • Australia
  • Business
  • Cryptocurrency
  • Deals
  • Discounts
  • Economie
  • Euro
  • Gaming
  • Lifestyle
  • News
  • Opinion
  • Sports
  • Travel
  • Trending
  • Uncategorized

Recent News

The US Senate votes Monday to name Janet Yellen Secretary of the Treasury

January 23, 2021

Dakine Spike Stomp Stomp Pad

January 23, 2021
  • Contact
  • Terms & Conditions
  • Privacy Policy

© 2020 - TrendsWide

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 - TrendsWide