Federal prosecutors in Manhattan indicted Taj Tarsha, founder of the Few and Far NFT marketplace, on charges of securities and wire fraud. The 34-year-old Miami resident allegedly raised more than $10 million from 67 investors starting in February 2022, then spent the money on online gambling, speculative crypto trades, and personal expenses while the platform never materialized.
Tarsha told investors their funds would build the Few and Far marketplace and launch its FAR token through Simple Agreements for Future Tokens, or SAFTs. The agreements explicitly promised that proceeds would finance token development, marketplace construction, and legitimate corporate costs. The offering was structured as a securities deal restricted to accredited investors under Regulation D, giving federal prosecutors a direct angle to pursue securities fraud alongside wire fraud charges.
Each count carries up to 20 years in prison. Tarsha was arrested June 6 and remains presumed innocent. U.S. District Judge Lewis A. Kaplan has been assigned to the case.
The token collapse
The FAR token launched in May 2024 near $0.13 before crashing. It lost over 99 percent of its value, according to prosecutors' filing. The collapse came as investors discovered the promised platform was never finished and Tarsha had diverted their capital into personal activities rather than development.
The government's case hinges not on the fact that Few and Far issued a crypto token, but on allegations that Tarsha made material misrepresentations about how investor money would be deployed. The indictment, unsealed August 5 by the Southern District of New York, details how he systematically diverted company assets while maintaining the fiction that the project was progressing.
This article is informational and should not be construed as investment advice or financial guidance.
