Founder of NFT Project Few and Far Charged by U.S. Department of Justice for Allegedly Misappropriating Tens of Millions of Dollars in Funding

TechFlow reports, on August 5, the U.S. Department of Justice (DOJ) announced that Taj Tarsha, founder of the NFT marketplace project Few and Far, was charged with securities fraud and wire fraud, accused of concealing the use of funds from investors and misappropriating raised funds for personal expenses.

According to the indictment, Tarsha raised funds from investors through SAFT (Simple Agreement for Future Tokens) starting in 2022, claiming the funds would be used to develop a decentralized NFT marketplace and the FAR token ecosystem.

Prosecutors stated that Tarsha raised over $10 million from at least 67 investors by selling rights to approximately 95 million FAR tokens. However, shortly after the fundraising, he allegedly used investor funds for personal purposes, including online gambling, purchasing high-risk crypto assets, paying Miami apartment mortgage, interior design fees, and personal DJ activities. Court documents show that Tarsha also allegedly misappropriated nearly $1 million in company funds through two bonuses not disclosed to investors and co-founders, as well as via excessive compensation. After a prior audit uncovered relevant financial irregularities, Tarsha allegedly provided false explanations to investors, claiming the fund usage aligned with project development needs.