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Home Latest News Business The U.S. government is seeking harsh sentence for fraudster behind celeb-spruiked ICO

The U.S. government is seeking harsh sentence for fraudster behind celeb-spruiked ICO

As reported by cointelegraph.com on November 04.2020, U.S. federal prosecutors are pushing for a heavy prison sentence to be levied against one of the founders of Centra Tech, the company behind a notorious initial coin offering in 2017 that was promoted by professional boxer Floyd Mayweather and musician DJ Khaled.

The prosecution mentioned:

“While legitimate ICOs represent a new and efficient means to raise capital, the loss of investor confidence that may result from fraudulent ICO offerings will make it more difficult for honest coin issuers to raise capital through the digital asset markets.

In addition, a substantial sentence is needed to send a strong message to others, who seek to use digital assets or other new technologies to commit old-fashioned fraud.

The prosecution disagreed, advancing that federal guidelines recommend between 70 and 87 months in prison, while the probation office suggested 60 months.

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