Image default
News

Centra co-founder, Raymond Trapani, charged with fraudulent doings

Add

The US Securities and Exchange Commission (SEC) has made a public  declaration that Raymond Trapani, the Central Tech Inc. co-founder, was found doing fraudulent deals when SEC investigated the contentious $32 million ICO issued by the same company.

Raymond Trapani happens to be the only Centra founder who wasn’t accused for getting involved in any fraud untill this recent investigation. This charges held by the  SEC against Raymond confirms that he is no exception and that  the alleged statements against him are valid.

The recent investigation report states that Raymond Trapani had been a part of “a fraudulent scheme related to Centra’s 2017 ICO”. 2017 marked Centra’s huge media exposure after it was promoted by celebrities, Floyd Mayweather and DJ Khaled. However, about a month ago, the other two founders of Central, Mr Sohrab Sharma and Mr Robert Farkas, were found involved in frauds in the CTR Tokens distribution.

The SEC claims that Raymond was a “mastermind of Centra’s fraudulent ICO”. “Centra [was] marketed with claims about nonexistent business relationships with major credit card companies, fictional executive bios, and misrepresentations about the viability of the company’s core financial services products”, stated SEC in the press conference.

The head of the SEC’s Cyber cell stated their belief that the Centra founders wanted to create a huge scam by making people believe that they had generated a revolutionizing technology.
He added, “Investors should exercise caution about investments in digital assets, especially when they are marketed with claims that seem too good to be true”.

The SEC showed publicly a text message which was sent by Mr Sharma to Mr Farkas and Raymond  Tripani. The message stated, “[w]e gotta get that s[***] removed everywhere and blame freelancers lol”. This was sent after the bank demanded the company to take down all referrals of the bank from their marketing agenda.

Add

Related posts

Blockchain Center Established at Northeastern University in Boston

Moeen Khan

Report: VK Eyes to Launch a Crypto of its Own

Moeen Khan

NBK: Ripple-Based Cross-Border Payments Product launched

CP Team

Leave a Comment