Newsworthy: Centra faces new fraud charges for $32million ICO scheme

Hi fellow Steemians!

Centra, the now declared scam that was famously endorsed by DJ Khaled and Floyd Mayweather, faces new fraud charges for $32 million ICO scheme.

The US Securities and Exchange Commission (SEC) charged Raymond Trapani, the third co-founder of Centra Tech Inc. Two other co-founders, Sam Sharma and Robert Farkas, were charged and arrested earlier this month.

Apparently the damning evidence was text messages among the defendants which reveal their fraudulent intent.

Trapani faces conspiracy to commit securities fraud, conspiracy to commit wire fraud, securities fraud and wire fraud. Three of the four charges maximum sentence of 20 years.

Recently, I've written many posts about how cryptocurrency providers and exchange sites need to prove themselves as being trustworthy and a viable alternative to our existing currencies. It's people like these who are hindering the effort made by those who are legitimate.

I hope no one around here has been affected by the scheme.

Photo source: Twitter - @centra_card
Story source: TechCrunch