TL;DR
Few and Far founder Taj Tarsha was charged with securities and wire fraud for allegedly misusing $10 million raised from over 67 investors.
Funds were reportedly spent on a Miami condo, interior design, and DJ expenses while employees were laid off and the platform was faked as operational.
The FAR token became worthless, and Tarsha was arrested on June 6, facing up to 20 years in prison per charge.
NFT Startup Founder Charged with Securities and Wire Fraud
Taj Tarsha, founder of NFT startup Few and Far, has been indicted on securities fraud and wire fraud charges after allegedly misappropriating approximately $10 million in investor funds for online gambling, crypto speculation, and personal expenses.
How the $10M in Investor Funds Was Misused
Tarsha raised the funds from more than 67 investors, then allegedly spent the money on a Miami condo mortgage, interior design services, and DJ hobby expenses. He reportedly laid off most of the company’s staff while continuing to make the marketplace appear fully operational.
FAR Token Collapses — Founder Arrested
The FAR token launched by Few and Far quickly became worthless. Tarsha was arrested on June 6 and now faces up to 20 years in prison per charge if convicted. Source
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