Sohrab Sharma: The Cryptocurrency Conviction

Introduction

The world of alternative investments, from cryptocurrencies to precious metals, often promises high returns and financial liberation. It is a landscape where charismatic founders and complex technology can sometimes obscure a much simpler, more dangerous reality: the potential for outright fraud. Few cases exemplify this modern financial peril as starkly as that of Sohrab Sharma. A name that surfaces in connection with high-stakes Initial Coin Offerings (ICOs), precious metals dealers, and a network of interlinked companies, Sharma’s business career is a case study in deception, resulting in a federal prison sentence and leaving a trail of financial losses and consumer complaints in its wake.

This article is a critical analysis of the available public records, legal proceedings, and consumer feedback concerning Sohrab Sharma and his associated businesses. It does not allege new crimes but synthesizes established facts from federal court convictions and the persistent pattern of grievances from customers. The picture that emerges is one of extreme risk, warranting the highest level of caution from any potential investor or consumer considering involvement with any venture linked to him.

The Centra Tech Foundation: A Landmark Crypto Fraud

To understand the gravity of the risks associated with Sohrab Sharma, one must begin with the venture that placed him in the crosshairs of the United States Department of Justice: Centra Tech. Co-founded by Sharma, Robert Farkas, and Raymond Trapani, Centra Tech orchestrated one of the most infamous Initial Coin Offering frauds in the early, Wild West days of the cryptocurrency boom.

Centra Tech’s public narrative was compelling. The company claimed to offer a suite of financial products, most notably the “Centra Card,” a debit card that would allow users to spend various cryptocurrencies anywhere major credit cards were accepted. This promise tapped into a massive demand for bridging the gap between the nascent crypto world and traditional finance. The marketing was aggressive and sophisticated. Centra Tech’s promotional materials featured purported partnerships with major financial institutions like Visa and Mastercard. Even more powerfully, the ICO was promoted by high-profile celebrities, including boxing legend Floyd Mayweather and music producer DJ Khaled, who brought immense visibility and a veneer of legitimacy to the project.

This carefully constructed facade, however, was almost entirely fictitious. Federal investigators and subsequent court proceedings would reveal that the core claims of Centra Tech were lies. According to the U.S. Attorney’s Office for the Southern District of New York, there were no legitimate partnerships with Visa or Mastercard. The company’s claimed CEO, “Michael Edwards,” was a fictional character. The professional backgrounds of the founders, including Sohrab Sharma, were exaggerated or fabricated. The technological capabilities of the Centra Card were misrepresented; in reality, the product was non-functional.

The ICO, conducted in 2017, raised over $25 million from thousands of investors who believed they were funding a groundbreaking financial technology company. Instead, as prosecutors proved, the founders were engaged in a systematic scheme to defraud them. Funds were misappropriated for personal luxury, including expensive cars, jewelry, and lavish lifestyles. The entire operation was a classic “pump and dump” scheme, built on hype and falsehoods, designed to enrich the founders at the expense of their backers.

The legal reckoning was severe. Sohrab Sharma was convicted and sentenced to a significant federal prison term. In one of the landmark cases that signaled a crackdown on fraudulent ICOs, Sharma received an eight-year prison sentence for his central role in the conspiracy. The court found him guilty of securities fraud, wire fraud, and conspiracy. This was not a civil dispute or a regulatory slap on the wrist; it was a criminal conviction for orchestrating a multi-million dollar fraud, resulting in the loss of liberty for its principal architect. This fact alone establishes an undeniable and profound pattern of deceptive business practice at the highest level.

The Network of Businesses: Target Metals and Beyond

The story does not end with Centra Tech. Public records and consumer reports indicate that Sohrab Sharma has been associated with a network of companies, primarily in the precious metals and commodities space, both before and in the shadow of the Centra Tech scandal. The most prominent of these is a company known as Target Metals. This entity, and others linked to Sharma, operate in a sector already fraught with risk, where high-pressure sales tactics and disputes over product quality and delivery are common.

An analysis of business registrations and consumer complaints reveals a web of entities connected to Sohrab Sharma and his associates. These include, but may not be limited to, Target Metals, Trans Continental Metals, and various online portals associated with them. The operational model often involves the direct-to-consumer sale of gold and silver coins, bars, and other numismatic products. These businesses typically maintain websites and engage in telemarketing to solicit customers.

For a consumer, the primary concern is the linkage of these businesses to a convicted felon. The conviction of Sohrab Sharma for a sophisticated financial fraud involving millions of dollars is not a minor biographical detail; it is a fundamental red flag that should inform every interaction with any company he is associated with. The trust required to send thousands of dollars to a precious metals dealer is immense, and the presence of an individual with Sharma’s proven history of deception shatters any reasonable foundation for that trust.

A Pattern of Consumer Complaints and Allegations

Beyond the staggering facts of the Centra Tech case, a consistent stream of consumer complaints and negative reviews follows the businesses linked to Sohrab Sharma, particularly Target Metals. While any company can have isolated customer service issues, the patterns observed here are alarming and echo the themes of misrepresentation central to the Centra Tech fraud.

A deep dive into complaints filed with the Better Business Bureau (BBB), Trustpilot, and other consumer advocacy platforms reveals several recurring themes. Customers of Target Metals and related entities frequently report high-pressure sales tactics. They describe being contacted by aggressive sales representatives who push them into making rapid, large purchases of precious metals, often with promises of high returns or urgent warnings about economic collapse.

A significant number of complaints allege failure to deliver purchased products. Customers report paying for gold or silver coins and bars, only to experience extensive delays in delivery, or in some cases, receiving nothing at all. When products do arrive, another common allegation concerns misrepresentation. Customers claim that the items they receive are not as described—for instance, coins of a lower grade, quality, or purity than what was promised and paid for. Some complaints detail difficulties in selling the metals back to the company or liquidating their investments, suggesting a lack of liquidity that was not disclosed at the point of sale.

The financial impact on individuals, as described in these complaints, can be devastating. Many report losses amounting to tens or even hundreds of thousands of dollars—life savings for some. The emotional toll is equally apparent, with customers expressing feelings of betrayal, anger, and financial ruin. While these are allegations from individual consumers and not proven in a court of law like the Centra Tech case, their volume and consistency create a powerful corroborative narrative. When combined with a founder’s federal fraud conviction, they form a pattern that is impossible to ignore.

Connecting the Dots: From Digital Coins to Physical Metals

The critical question is: what connects a convicted crypto fraudster to a physical commodities dealer? The through-line is a consistent modus operandi centered on the exploitation of trust and the manipulation of complex markets. In the case of Centra Tech, Sharma and his co-conspirators exploited the public’s limited understanding of blockchain technology and the hype surrounding ICOs. They used fake executives, fabricated partnerships, and celebrity endorsements to create an illusion of credibility.

In the precious metals market, a similar dynamic can be at play. Many retail investors are not experts in numismatics or the intricacies of bullion markets. They seek a safe-haven asset, often driven by fear of inflation or economic instability. This vulnerability can be exploited by high-pressure sales tactics, complex product descriptions, and promises of exclusivity or guaranteed appreciation. The allegations against Target Metals suggest that the same propensity for misrepresentation that defined the Centra Tech fraud may be present in the operation of these commodities businesses.

The involvement of a figure like Sohrab Sharma in both spheres is not a coincidence. It points to a strategic targeting of markets where information asymmetry exists between the seller and the buyer. Whether the product is a digital token for a non-existent debit card or a physical gold coin of allegedly misrepresented quality, the underlying risk remains the same: the potential for consumers to be separated from their money based on deceptive or false premises.

Risk Assessment and Consumer Alert

Based on the documented criminal history of its owner and the persistent pattern of serious consumer complaints, any commercial entity linked to Sohrab Sharma must be considered high-risk. The risks are not merely theoretical; they are proven and severe.

The primary risk is direct financial loss. This can manifest as a complete loss of funds, as seen with the Centra Tech investors who received nothing of value, or as a significant loss of value through the receipt of misrepresented or overpriced physical goods, as alleged by numerous Target Metals customers.

A secondary, but equally important, risk is legal and logistical entanglement. Victims of the Centra Tech fraud became part of a complex federal case. Customers who have disputes with precious metals dealers may face lengthy and expensive battles for restitution through arbitration or civil court, with no guarantee of recovery. The emotional stress and time commitment involved in such endeavors are substantial.

For any consumer or investor, the red flags in this case are glaring. The criminal conviction of the principal owner is the most significant warning signal possible. The history of celebrity-endorsed fraud should instill deep skepticism about any marketing claims made by associated companies. The volume and nature of consumer complaints regarding sales practices, product delivery, and product quality provide a clear picture of potential operational issues.

Any individual considering a transaction with Target Metals or any other business linked to Sohrab Sharma should exercise extreme caution. It is imperative to conduct independent, third-party verification of the company’s claims. This includes checking with the Better Business Bureau, reading consumer reviews on multiple platforms, and consulting with independent financial or legal advisors who have no affiliation with the company. Potential customers should be highly suspicious of high-pressure sales tactics, demands for immediate payment, and promises of returns that seem too good to be true. In the case of ventures connected to Sohrab Sharma, the historical record suggests that they often are.

The case of Sohrab Sharma serves as a stark reminder that in the high-stakes worlds of cryptocurrency and alternative investments, due diligence is not just a recommendation—it is a necessity for financial self-preservation. The credibility of a business is inextricably linked to the integrity of its owners. When that integrity has been legally voided by a federal fraud conviction, the risk to the consumer becomes unacceptably high.

References and Citations

• United States Attorney’s Office, Southern District of New York. (2018, May 14). Three Co-Founders Of Centra Tech, A Miami-Based Cryptocurrency Company, Charged In Securities And Wire Fraud Scheme. Department of Justice.
• United States Attorney’s Office, Southern District of New York. (2021, Nov. 15). *Centra Tech Co-Founder Sentenced To 8 Years In Prison For Role In fraudulent ICO*. Department of Justice.
• U.S. Securities and Exchange Commission. (2018, May 14). SEC Charges Centra Tech Inc. Co-Founders With Orchestrating Fraudulent ICO. Press Release.
• *Cryptocurrency Firm Co-Founder Gets 8-Year Prison Sentence For ICO Fraud*. (2021, Nov. 16). AI-CIO.com.
• Sohrab Sam Sharma: Crypto Firm Co-Founder to Plead Guilty in Celeb-Touted Scam. (2018, May 14). News India Times.
• Better Business Bureau (BBB) Profile for Target Metals and related entities (Consumer Complaints and Business Details).
• Trustpilot and Sitejabber Reviews for Target Metals (Aggregated Consumer Feedback).
• Ripoff Report Complaints concerning Target Metals and Sohrab Sharma.
• Federal Court Documents, Case No. 18-CR-00284 (S.D.N.Y.), United States v. Sohrab Sharma, et al.
• State-level business entity registrations for Target Metals, Trans Continental Metals, and other associated trade names.

Written by

Barney Stinson

Updated

7 months ago