Crypto Founder Sentenced to Seven Years in Prison for $25 Million Scam

[Oxumare]

A federal court in Manhattan sentenced the founder of a $25 million ICO scam to 87 months and a fine of up to $250,000.

Robert Farkas, the founder of cryptocurrency firm Centra Tech, which raised more than $25 million from its initial coin offering scam, pled guilty in a federal court in Manhattan on Tuesday.

The official statement accused Farkas of conspiring to commit securities and wire fraud and ordered a sentence between 70 to 87 months and a fine up to $250,000. The date of the sentence is yet to be determined.

Read More

[Quantum X]

First, I'm glad to hear such kind of news on how the scammer had been punished to what he did.
Second, a little bit disappointed since the fine is too small compare to the amount that he got from the people he cheated. Not fair, Isn't it.

[TomPluz]

Scammers and fraudsters should have no place in the cryptocurrency marketplace. Unfortunately, these people are sure that with cryptocurrency their scamming abilities can be put to use and they know the global potential -- the best way to make millions from innocent people. The arm of the law is not really blind of these people. There should be a way to determine scam project so we can save hard-earned money from the people.