Raymond Trapani is the Florida co-founder of Centra Tech who, with Sohrab “Sam” Sharma and Robert Farkas, ran a fraudulent 2017 initial coin offering that raised tens of millions of dollars by inventing partnerships with Visa and Mastercard, fabricating executives, and marketing a crypto debit card that did not exist. He pleaded guilty to ten criminal counts, cooperated with federal prosecutors, and was sentenced in April 2022 to time served. Netflix built its 2024 documentary Bitconned around him.
Who Trapani Is
Trapani was about 26 when the scheme launched and lived in Florida.1U.S. Securities and Exchange Commission. SEC Amended Complaint, Securities and Exchange Commission v. Sharma et al. Before Centra Tech, he worked at a luxury car rental company in Florida called Miami Exotics.2U.S. Department of Justice. Third Co-Founder of Cryptocurrency Company Charged in Manhattan Federal Court In Bitconned, he traces his criminal history to adolescence, when he used a stolen prescription pad to obtain drugs he and friends resold; the exotic car venture that followed was weighed down by reckless spending and debt.3Netflix. Bitconned Release Date, Cast, and News
At Centra Tech, incorporated in Miami in July 2017, Trapani held the titles of Chief Operating Officer and Strategic Manager. He resigned his formal role on October 31, 2017, but continued listing himself as an adviser on LinkedIn. The SEC later called him a “mastermind” of the scheme.1U.S. Securities and Exchange Commission. SEC Amended Complaint, Securities and Exchange Commission v. Sharma et al.
What Centra Tech Actually Did
The company pitched a “Centra Card” that would let holders spend cryptocurrency anywhere Visa or Mastercard was accepted. Between July 30 and October 5, 2017, the founders sold “CTR Tokens” through an ICO that prosecutors said raised more than $25 million; the SEC put the figure at $32 million.4U.S. Department of Justice. Leading Co-Founder of Cryptocurrency Company Sentenced to 8 Years in Prison5U.S. Securities and Exchange Commission. SEC Charges Additional Defendant in Centra Tech Fraudulent ICO
Almost nothing the founders told buyers was true. The licensing agreements with Visa, Mastercard, and Bancorp did not exist; when a major bank sent a cease-and-desist letter over the unauthorized use of its name, Sharma told the others to pull the references and blame freelancers.6TechCrunch. Centra ICO Founders Charged With Fraud by SEC The leadership team was partly invented, including a CEO named “Michael Edwards” credited with a Harvard MBA and two decades of banking experience. The company claimed money transmitter licenses in 38 states that it did not hold.4U.S. Department of Justice. Leading Co-Founder of Cryptocurrency Company Sentenced to 8 Years in Prison The SEC also alleged that Trapani and Sharma manipulated CTR trading to inflate the price and simulate demand.5U.S. Securities and Exchange Commission. SEC Charges Additional Defendant in Centra Tech Fraudulent ICO
How It Got So Big
The ICO reached a huge audience through paid endorsements that were not disclosed as paid. Floyd Mayweather Jr. told followers the ICO “starts in a few hours. Get yours before they sell out, I got mine.” DJ Khaled called CTR Tokens a “game changer.”7BBC. Floyd Mayweather and DJ Khaled Settle Cryptocurrency Charges8The Guardian. Floyd Mayweather and DJ Khaled Fined for Cryptocurrency Promotion
Arrest and Charges
A New York Times investigation by Nathaniel Popper in October 2017 reported that Centra Tech’s CEO “does not appear to have been a real person” and described a “shaky, fast-shifting business plan.”9The New York Times. How Floyd Mayweather Helped Two Young Guys From Miami Get Rich The U.S. Attorney’s Office for the Southern District of New York charged Sharma and Farkas in early April 2018. On April 20, 2018, prosecutors unsealed a criminal complaint against Trapani, and the FBI arrested him. The complaint charged four counts: conspiracy to commit securities fraud, conspiracy to commit wire fraud, securities fraud, and wire fraud, carrying a combined maximum of 65 years.2U.S. Department of Justice. Third Co-Founder of Cryptocurrency Company Charged in Manhattan Federal Court The SEC filed an amended civil complaint the same day, seeking injunctions, disgorgement, civil penalties, and officer-and-director bars against all three.10U.S. Securities and Exchange Commission. SEC Litigation Release No. 24117
Guilty Plea, Cooperation, and Time Served
Trapani pleaded guilty to ten counts, including securities fraud, wire fraud, mail fraud, and related conspiracy charges, in United States v. Sharma et al., 18-cr-340, before U.S. District Judge Lorna G. Schofield. He cooperated with federal prosecutors. In April 2022, Judge Schofield sentenced him to time served on all counts.11Inner City Press. SDNY Schofield Farkas Sentencing3Netflix. Bitconned Release Date, Cast, and News
His co-founders fared differently. Sharma, identified in court as the leading co-founder, was sentenced on March 4, 2021, to eight years in prison, three years of supervised release, a $20,000 fine, and forfeiture of $36,088,960.4U.S. Department of Justice. Leading Co-Founder of Cryptocurrency Company Sentenced to 8 Years in Prison Farkas was sentenced on December 15, 2020, to one year and one day, three years of supervised release, and forfeiture of $347,062.58 plus a Rolex bought with fraud proceeds.12U.S. Department of Justice. Co-Founder of Cryptocurrency Company Sentenced to Prison
The SEC Civil Judgment
On May 17, 2022, the federal court entered final consent judgments against all three founders. Trapani was permanently barred from violating the antifraud and registration provisions of the securities laws, barred from serving as an officer or director of a public company, and barred from participating in any offering of digital asset securities or other securities. He was ordered to pay $2,608,869 in disgorgement and prejudgment interest, deemed satisfied by the forfeiture orders in the criminal case.13CrowdfundInsider. SEC Receives Final Judgement Against Centra Tech ICO and Founders
Where the Victim Money Is
During the investigation, the FBI seized 100,000 Ether units linked to the fraud. The U.S. Marshals Service later sold those tokens for about $33.4 million, and a federal forfeiture order routed the proceeds into a Department of Justice remission program for victims.4U.S. Department of Justice. Leading Co-Founder of Cryptocurrency Company Sentenced to 8 Years in Prison
The program, administered by Epiq Class Action and Claims Solutions on behalf of the DOJ, required victims to petition by April 28, 2023. Notices of denied or partially granted petitions began going out in November 2025, with a December 2025 deadline to request reconsideration. No payments had been distributed as of mid-2026; distributions will begin only after reconsideration concludes for all claimants, and if the forfeited funds fall short of total losses, payouts will be pro rata.14U.S. Department of Justice – Centra Tech Remission. Centra Tech Remission Program FAQ
Bitconned and Trapani’s Public Posture
In January 2024, Netflix released Bitconned, directed by Bryan Storkel, with Trapani as the central figure. He sat for original interviews and discussed how he and his partners exploited the largely unregulated crypto market of 2017.3Netflix. Bitconned Release Date, Cast, and News The film also featured Nathaniel Popper, whose Times reporting had helped expose the scheme.
Reviewers singled out Trapani’s apparent lack of remorse. One described him as a “charismatic con artist” who proudly confessed to his crimes and showcased “the loopholes that allowed him to evade accountability,” calling the legal system’s leniency toward him “exasperating.”15Reason. Bitconned