American federal prosecutors are pressing for a heavy prison sentence to be imposed on one of the founders of Centra Tech, the company that in 2017 created the notorious first coin offer (ICO), promoted by professional boxer Floyd Mayweather and musician DJ Khaled.
In a statement of conviction made on October 31, the government demanded that U.S. District Judge Lorna Schofield convict the co-founder of the Tech Center, Robert Joseph Farkas, to "a substantial prison sentence" in order to stop other fraudsters from running illegal ICOs.
Farkas confessed in June to two scams related to his role in the ICO that deceived investors for over $25 million between July and October 2017.
Centra Tech lied about the license agreements with Visa, Mastercard and Bancorp to make an unconscious noise about his debit card crypto product and the ICO, which was promoted by celebrities.
On October 23rd, Farkas filed an application for a conviction for the time already served (55 days) plus imprisonment at home and "a considerable amount of community service," claiming that he played "unquestionably" a minor role in the system.
The public prosecutor's office disagreed, claiming that federal guidelines recommended 70 to 87 months in prison, while the office of probation suggested 60 months.
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