Cryptocurrency Founders Promoted By Floyd Mayweather Arrested On Criminal Charges

Sohrab “Sam” Sharma and Robert Farkas co-founded Centra Tech Inc. They had plans to sell a debit card that could be tied to cryptocurrencies and allow users easier access to their digital dollars. This product was not in compliance with federal securities laws. They allegedly convinced investors to buy the planned cryptocurrency token by telling them they had partnerships with Visa and MasterCard. These were blatant lies. Sharma and Farkas approached Mayweather and asked him to promote their cryptocurrency on social media. Last fall, Mayweather tweeted to his more than eight million Twitter followers: The SEC and Department of Justice have not charged Mayweather with a crime or any wrongdoing for his association with Sharma and Farkas. The co-founders relied heavily on social media and in particular on celebrity endorsements to market their fraudulent scheme. Sharma and Farkas were accused of conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, and actual wire fraud in Manhattan federal court.