Federal prosecutors have accused Few and Far founder Taj Tarsha of misleading investors and allegedly diverting millions of dollars raised for the NFT startup toward personal use.
The Manhattan U.S. Attorney’s Office charged Tarsha with securities fraud and wire fraud, claiming he misused more than $10 million in investor capital that was intended to fund development of the company’s decentralized NFT marketplace.
Prosecutors allege that instead of building the platform, Tarsha spent investor funds on online gambling, crypto speculation, and personal expenses.
The 34-year-old founder raised the money from at least 67 investors beginning in February 2022 through Simple Agreements for Future Tokens (SAFTs), according to prosecutors.
Under the SAFT agreements, investors were entitled to receive 95 million FAR tokens once the project’s token became available. The funding was intended to support the development of Few and Far’s planned decentralized marketplace.
Authorities allege that Tarsha began improperly using the funds shortly after the fundraising campaign ended.
The alleged misuse was later identified through a company audit in June 2023. Prosecutors claim Tarsha made false statements to investors, including saying that bonuses paid to him were connected to token sale milestones and that company money was being spent on advancing the platform.
The indictment alleges that the reality was different, claiming Tarsha had laid off most employees and directed a contractor to make the marketplace appear operational despite limited development progress.
Prosecutors also accused Tarsha of using investor funds for personal purchases and activities, including a loan linked to a Miami condominium, interior design expenses, and costs related to his work as a DJ.
Few and Far launched its FAR token in May 2024, but prosecutors said the asset quickly lost nearly all value and eventually stopped seeing meaningful trading activity.
Tarsha, who lives in Miami, was arrested on June 6. The case has been assigned to U.S. District Judge Lewis A. Kaplan. If convicted, each charge carries a maximum possible sentence of 20 years in prison.
CoinDesk reached out to Tarsha for comment by email outside U.S. business hours but had not received a reply by the time of publication.
