NFT Marketplace Founder Allegedly Diverts Millions In Investor Funds to Gambling And Personal Hobbies

A non-fungible token (NFT) marketplace founder is accused of diverting millions raised from investors toward personal spending on gambling, trading and hobbies instead of developing the promised platform.

Federal prosecutors charged Taj Tarsha, founder and sole equity owner of the NFT marketplace Few and Far, with securities fraud and wire fraud after allegedly making false and misleading statements regarding the use of investor funds, says the U.S. Attorney’s Office for the Southern District of New York.

Authorities allege that Tarsha sold 95 million FAR coins and raised $10 million from 67 investors, while telling them the funds would be used to develop and advance the NFT marketplace and the FAR token.

Rather than spend the funds to build Few and Far, prosecutors allege that Tarsha used the money to pay for personal expenses, a Miami condominium loan, interior design services, his DJ hobby, online gambling and speculative crypto assets. He also allegedly drained $1 million of investor funds to pay himself two bonuses while maintaining a high salary.

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