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Mayweather ICO Founders Knocked Out by SEC for Fraud

Mayweather ICO Founders Knocked Out by SEC for Fraud

"We suspect that Centra sold investors on a promise that they would offer new digital technologies by using a complicated marketing campaign to lie to everyone about the potential partnerships with legitimate businesses".

The pair said that users would be able to instantly convert cryptocurrencies into U.S. dollars or other legal tender through a debit card backed by Visa and MasterCard.

Through the complaint lodged in the Southern District of NY, the SEC is seeking permanent injunctions, the return of allegedly ill-gotten gains plus interest and penalties, and a ban on Sharma and Farkas serving as public company officers or directors and from participating in any offering of digital or other securities. Earlier this year, the SEC shut down another ICO, known as AriseBank.

Sam Sharma and Robert Farkas are accusing of orchestrating a fraudulent ICO, the U.S. Attorney's office for the Southern District of NY announced late Monday afternoon.

The SEC and federal prosecutors claim that Sohrab "Sam" Sharma and Robert Farkas sold unregistered investments, "CTR tokens", to thousands of investors previous year.

The SEC's complaint, filed March 30, 2018, alleges that Liberty, his wife Brittany Liberty, his attorney George Marcus, his cousin Richard Liberty, and his cousin's friend Paul Hess induced investors to purchase unregistered interests in shell companies controlled by Michael Liberty that supposedly owned transferrable interests in Mozido.

Sharma announced that he was leaving Centra after the Times article was published last fall, but the company has continued its operations and said this week that it would release the "Centra Roadmap 3.0" at a conference in South Korea.

The complaint was filed in the federal court in the Southern District of NY and charges the pair with violating anti-fraud and registration laws.

After announcing its product in August 2017, Centra was backed by former five-division world champion Floyd Mayweather and musician DJ Khaled. "In fact, Centra Tech had no relationships with Bancorp, Visa, or Mastercard, and at least seven of those 38 states have no record of any such licenses being issued to Centra Tech", officials said in a statement. Centra was first hit with a class action lawsuit in December. Sharma and Farkas created fake biographies of fictional executives and paid celebrities to tout the ICO on social media, the SEC claimed. Farkas booked a flight to leave the country but was arrested before boarding, according to the SEC.

Neither Shutt nor anyone else from Centra responded to Ars' request for comment.

Centra sold $32 million in "CTR Tokens" to investors in September.


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