Federal prosecutors say Few and Far founder Taj Tarsha raised more than $10 million from 67 investors, then allegedly spent investor money on gambling, crypto, and personal expenses. The NFT project’s FAR token later plunged more than 99%.
Key Takeaways
Prosecutors say Tarsha raised more than $10 million from 67 investors.Investor funds allegedly went to gambling, crypto, and personal spending.FAR collapsed more than 99% after its May 2024 market debut.Deputy United States Attorney Sean S. Buckley detailed:
“As alleged, Taj Tarsha raised millions of dollars from investors by promising that their investments would be used to build a marketplace for non-fungible tokens, but he instead breached their trust by stealing those funds for his own personal benefit.”
Audit Uncovered Spending as Project FalteredAn internal audit in June 2023 brought that activity to light, according to the indictment, prompting disputes over Few and Far’s finances. The indictment contends Tarsha later regained control of the company treasury, fired nearly all remaining staff, and kept one contractor working on efforts intended to create the appearance of continued marketplace development.
Personal spending continued for at least another year, prosecutors say, extending to a Miami condominium loan, interior design services, an unrelated business, and Tarsha’s DJ hobby.
FAR Token Collapsed After LaunchTarsha launched FAR in May 2024, more than two years after the earliest investors paid for rights to the token. Its value has since fallen more than 99%.
Prosecutors stated:
“When he finally launched the FAR token in May 2024, it was effectively worthless and soon ceased trading.”
Tarsha, 34, of Miami, faces one count of securities fraud and one count of wire fraud, with each charge carrying a maximum statutory sentence of 20 years. He was arrested June 6.
