“Bitconned,” Netflix‘s documentary takes us on an exciting journey through the cryptocurrency craze of the late 2010s while telling the fascinating story of Centra Tech. Bryan Storkel directed the documentary, which tells the interesting story of Centra Tech, a crypto company started by a group of South Florida businesspeople who liked Photoshop and living big. Co-founder Ray Trapani of Centra Tech jumped at the chance to make money in this new area. As the video goes on, it becomes clear that Centra Tech wasn’t just a business venture; it was also a story of fraud that got its co-founders, including Robert Farkas, in trouble with the law.tvacute delves into the details of Robert Farkas.
Robert Farkas was one of the three co-founders who was very important to the rise and fall of Centra Tech. Farkas was said to be the last person to join the Centra Tech team, but his work was very important, even though there were doubts about his skills for the job of Chief Financial Officer (CFO). Ray Trapani says in the documentary that Farkas wasn’t naturally suited for the job but was very important for keeping up with the growing interest in the company online.
The story of Farkas’s journey into the world of scams and cryptocurrency is told in “Bitconned.” He talks about having a sense of mission and how he thought Centra Tech was changing the world in his own words. But the video shows a darker side to how they work. Farkas says that the company hired a fake lawyer named Eric Pope to help them with their legal issues. However, it found out that Pope was a college student. People spread a lot of false information. Fake emails were even sent to the Securities and Exchange Commission (SEC), which was another way that Centra Tech lied.
The facts that Centra Tech gave were, however, nothing but lies, as “Bitconned” shows. The company didn’t have the skills and resources it said it did. Even with the fake look, Centra Tech was able to get millions of dollars in ICO investments, and Floyd Mayweather Jr. and DJ Khaled’s support made it even more famous.
What happened to Robert Farkas?
Co-founders Sohrab Sharma and Raymond Trapani, as well as Robert Farkas, were detained and accused of wire fraud and securities offenses about the Centra Tech initial coin offering in May 2018. According to the allegations, to acquire money, they allegedly misled investors by feigning corporate details and claiming ties with significant credit card companies. The Securities and Exchange Commission of the United States (SEC) was instrumental in filing accusations against them. The SEC said that Farkas had booked a flight to leave the country but was caught before he could get on the plane. It was finally time for the company to pay for its dishonest behavior. Farkas entered a guilty plea in 2019 to counts of wire fraud and conspiracy to commit securities. The court actions clarified the purportedly dishonest tactics used by Centra Tech to entice investors.