NFT firm founder indicted for using treasury to support ‘DJ hobby’

Taj Tarsha, the founder of Few and Far, which claimed to be building an NFT exchange, has been indicted in the Southern District of New York for securities fraud and wire fraud.

The allegations in the indictment detail how Tarsha, along with the Few and Far team, raised over $10 million from investors by selling the rights to their future FAR token.

Subsequently, Tarsha allegedly “misappropriated millions of dollars raised by the company, using investor funds to gamble at an online casino, speculatively trade cryptocurrency, fund unrelated business ventures, and serve as collateral to finance his purchase of a luxury condominium in Miami.”

Additionally, he used some of the funds to support his “DJ hobby.”

Read more: Justin Sun’s NFT marketplace managed just four sales last month

According to the indictment, Tarsha was cynical about the NFT ecosystem, describing it as:

• a “bubble”
• “the last [company] I have in me”
• “the last juice I have to squeeze”
• a “magic ticket to a 10-30M exit.”

Similarly, he also apparently told his then-fiancée that he’d taken assets from Few and Far, something he knew was “unethical.”

Eventually, the Few and Far team apparently realized that assets had been misappropriated, leading to Tarsha being removed from the firm’s multisignature wallet.

Tarsha then allegedly “paid Co-Founder-1 and the operations director a significant amount of company funds to induce them to hand over control of the company’s multi-signature wallet.”

Tarsha also allegedly reached directly out to investors as part of his ploy to regain control.

Eventually, Tarsha and the rest of the team did launch the token, which subsequently lost more than 99% of its value.

Few and Far never launched the promised NFT exchange.

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