Feds Say ICO Fraud Necessitates ‘Substantial’ Prison Time

Law360 (November 3, 2020, 4:25 PM EST) — One of the three principals in the notorious Centra Tech initial coin offering scam should face a hefty prison sentence because deterrence is key to enforcement of digital assets, federal prosecutors said Friday.

The government told U.S. District Judge Lorna G. Schofield that Centra Tech co-founder Robert Joseph Farkas, who pled guilty in June to securities and wire fraud conspiracy in connection with a $25 million ICO scam, should have to face “a substantial term of imprisonment” because of the nature of his offense.

“Farkas’s undeniable criminal conduct speaks for itself,” the government said. “Day in and day out, for approximately…

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