NFT startup founder charged with securities and wire fraud

Taj Tarsha, founder of NFT startup Few and Far, has been charged with securities fraud and wire fraud by federal prosecutors in Manhattan. Tarsha allegedly misused over 10 million dollars raised from at least 67 investors since February 2022, diverting funds into online gambling, cryptocurrency speculation, and personal expenses instead of developing the company's marketplace. Investors were promised 95 million FAR tokens through Simple Agreements for Future Tokens (SAFTs) as part of the funding for a decentralized NFT marketplace. Prosecutors claim Tarsha began misappropriating funds almost immediately after the fundraising closed, with misconduct uncovered during a June 2023 audit. He allegedly misled investors about bonuses and the use of company funds while dismissing most employees and directing a contractor to create a false impression of a functional marketplace. Tarsha reportedly used investor funds for personal expenses, including a loan for a Miami condominium and costs related to his DJ hobby. The FAR token launched in May 2024 but quickly became worthless. Tarsha was arrested on June 6, and each charge carries a maximum sentence of 20 years in prison if convicted.

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