SEC charges founders of fraudulent ICO backed by Floyd Mayweather that raised $32 million

The Securities and Exchange Commission has charged two founders of a fraudulent initial coin offering (ICO) that raised more than $32 million from thousands of investors last year. It was also endorsed by professional boxer Floyd Mayweather and producer DJ Khaled. The SEC alleges that the two co-founders of Centra, Sohrab “Sam” Sharma and Robert Farkas, offered and sold fraudulent and unregistered investments via a digital token called CTR.

According to the SEC, the pair allegedly claimed that the funds raised in the ICO would build financial products, including a Visa or Mastercard-backed debit card that can instantly convert cryptocurrencies into US dollars or other legal tender. The complaint also alleges that both men created…

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