Centra Tech Co-Founder Sohrab “Sam” Sharma Is In Prison After Bitconned

The world of cryptocurrency is so new and ever-changing that it’s not too surprising when scammers take advantage, like in Netflix’s Bitconned. The new documentary, which dropped on Jan. 1, follows the swift rise and fall of Centra Tech, a company that claimed to facilitate crypto spending with the ease of a debit card.

As Bitconned shows, Centra Tech didn’t have the credentials, partnerships, or technology to back up that claim — and those misrepresentations amounted to fraud, according to the Securities and Exchange Commission (SEC).

All three co-founders of Centra Tech were charged with fraud in 2018. But when it came to sentencing, Sohrab “Sam” Sharma, the firm’s president, received the most prison time.

Here’s a look back at Sharma’s role in Centra Tech, and what he had to say about the new documentary.

The President Of Centra Tech

You don’t hear from Sharma directly in Bitconned, but he can be seen in several Centra Tech videos throughout the documentary — including a live online appearance where he stated, “We are 100% not a scam.”

Indeed, Centra Tech turned out to be a scam, one that received more than $32 million from investors in 2017, per the SEC. Sharma was among the first co-founders to be arrested, and ultimately pleaded guilty to “conspiring to commit securities fraud, wire fraud, and mail fraud,” according to the United States Attorney’s Office.

Sharma Is Still Serving Time

As Bitconned notes, Sharma is still in prison. He was sentenced to eight years in 2021, and was required to forfeit more than $36 million.

“Sohrab Sharma led 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,” the sentencing statement reads. “In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars.”

He Wants To Share The “True Story”

Though his co-founders were interviewed throughout Bitconned, Sharma doesn’t necessarily agree with their version of the story. In a statement provided via his attorney at the end of Bitconned, Sharma said he “denies the various claims made by several individuals in this documentary.”

Sharma’s statement added, “In the near future, [he] looks forward to telling the true story of Centra Tech and its background.” So, this may not be the last you’ve heard of the scandal explored in Bitconned.