A non-fungible token (NFT) marketplace founder is accused of diverting millions raised from investors toward personal spending on gambling, trading and hobbies instead of developing the promised platform.
Federal prosecutors charged Taj Tarsha, founder and sole equity owner of the NFT marketplace Few and Far, with securities fraud and wire fraud after allegedly making false and misleading statements regarding the use of investor funds, says the U.S. Attorney’s Office for the Southern District of New York.
Authorities allege that Tarsha sold 95 million FAR coins and raised $10 million from 67 investors, while telling them the funds would be used to develop and advance the NFT marketplace and the FAR token.
Rather than spend the funds to build Few and Far, prosecutors allege that Tarsha used the money to pay for personal expenses, a Miami condominium loan, interior design services, his DJ hobby, online gambling and speculative crypto assets. He also allegedly drained $1 million of investor funds to pay himself two bonuses while maintaining a high salary.
FAR debuted in May 2024 but quickly lost all value and stopped trading.
Says Deputy United States Attorney Sean S. Buckley,
“As alleged, Taj Tarsha raised millions of dollars from investors by promising that their investments would be used to build a marketplace for non-fungible tokens, but he instead breached their trust by stealing those funds for his own personal benefit. Investors are entitled to the truth when choosing to make an investment, and this Office and our law enforcement partners will hold business leaders responsible when they lie for their own gain.”
If convicted, Tarsha faces up to 20 years in prison on each count.
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An NFT startup founder faces federal fraud charges after allegedly raising over $10 million from investors through token agreements and redirecting the money to personal uses like online gambling and a DJ hobby rather than building the platform. The case centers on securities and wire fraud allegations in New York federal court.
The post NFT Marketplace Founder Allegedly Diverts Millions In Investor Funds to Gambling And Personal Hobbies appeared first on The Daily Hodl. Scams, Hacks & Breaches, Few and Far, News, NFT marketplace, Taj Tarsha
This articles is written by : Nermeen Nabil Khear Abdelmalak
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