'Bitconned': The story and fallout behind Netflix's new cryptocurrency fraud documentary
Documentary name: Bitconned
Platform: Netflix
Country of origin: USA
Date of Release: January 1, 2024
Genre: True Crime
Runtime: 1 hour 33 minutes
What is 'Bitconned' about?
'Bitconned' delves into the origins, the criminals, and the fallout of the Centra Tech crypto scam in 2018.
What was the Centra Tech scam?
According to US Attorney Ilan T Graff, Sohrab Sharma [co-founder of Miami-based Centra tech] was at the forefront of a scheme "to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products". But the reality was very different: Everything was fake. There were no products, no partnerships, and above all, no licenses.
Who were the perpetrators of the Centra Tech scam and what happened to them?
Sohrab 'Sam' Sharma: One of the three co-founders of Centra Tech was sentenced to eight years in prison "in connection with his leading role in a scheme to induce victims to invest more than $25 million worth of digital funds in Centra Tech". Added on to the prison term, the 29-year-old Sharma, was also sentenced to three years of supervised release and a fine of $20,000. He was ordered to forfeit $36,088,960 of his ill-gotten gains.
Robert Farkas: Co-founder of Centra tech was sentenced to one year and one day in prison. He was further sentenced to three years of supervised release and ordered to forfeit $347,062.58 and a Rolex watch purchased with fraud proceeds.
Raymond Trapani: Co-founder Trapani got off relatively lightly. Although he was convicted of all the counts brought against him he served no additional time in prison to what he already had after his arrest. He was, however, sentenced to three years of supervised release and ordered to pay nearly $3 million in fines.
What was the SEC judgment against Sharma, Frakas, and Trapani?
Following the criminal case against the co-founders of Centra Tech, the SEC also handed down the following judgments: "Disgorgement, including prejudgment interest of $37,701,966, $2,608,869, and $394,908 against Sharma, Trapani and Farkas respectively. Officer-and-director bars; and permanent injunctions from conducting any offering of digital asset securities or other securities."
Is 'Bitconned' worth watching?
If financial fraud is your thing then yes, most certainly. But if the innards of the cryptocurrency markets and institutions make your nose bleed then maybe you should give this a miss, unless you want to fume at a smug Raymond Trapani blathering on.
MEAWW Watch ranking
2 out of 5
