Sohrab “Sam” Sharma, the co-founder of cryptocurrency company Centra Tech, was sentenced to eight years in prison for his role in the multi-million dollar initial coin offering (ICO) scam.
In addition, Sed Sharma was also sentenced to three years of supervised release. He was ordered to pay a fine of $20,000 and to forfeit more than $36 million.
District Judge Lorna G. Schofield of the U.S. District Court for the Southern District of New York imposed the sentence against Sharma on Wednesday.
In May 2018, the U.S. Attorney’s Office of the Southern District of New York filed criminal charges against Centra Tech co-founders Sohrab Sharma, Raymond Trapani, and Robert Farkas. The defendants were charged with one count of securities fraud, one count of wire fraud, one count of conspiracy to commit securities fraud, and one count of conspiracy to commit wire fraud.
According to Deputy U.S. Attorney for the Southern District of New York Ilan Graff, Sharma previously pleaded guilty to conspiring to commit securities fraud, wire fraud, and mail fraud in connection with his role in the ICO scam.