Netflix has released a new documentary titled Bitconned, exploring the cases of three individuals who scammed millions of dollars. Interestingly, one of the men under the spotlight is the co-founder of Centra Tech, Ray Trapani.
According to Tudum by Netflix, Centra Tech was founded by Ray Trapani alongside Sam “Sorbee” Sharma and Robert Farkas in 2017. Trapani and Sharma had known each other since high school, and it was the latter who introduced his friend to cryptocurrency and its lucrative market. Trapani needed money to repay his student loans, so he took this opportunity.
Before meeting Sharma, Ray Trapani tried to get rich by taking part in illegal operations. However, when his plan failed, he and his two former classmates began a legitimate business. His venture rented luxury vehicles to the richest people in Miami. Unfortunately, due to their irresponsible spending habits, his company fell into debt and turned into a massive failure. At one point in his life, he fell into deep depression and even contemplated taking away his life.
According to the official trailer of Bitconned on YouTube, the synopsis of the documentary reads, “Ray Trapani had always wanted to be a criminal, even as a young boy. In 2017, amidst the economic frenzy of the Bitcoin boom, there was no better place for scammers than cryptocurrency. So when Ray’s friend approached him with the idea of creating a debit card for crypto, Trapani jumped at the chance.”
It continues, “There was only one problem: he had no idea how to do that. But thanks to fake LinkedIn profiles, paid celebrity endorsements, and the online community’s insatiable desire to “get rich quick,” Centra Tech was soon raking in millions of dollars a day.”
The director of Bitconned is Bryan Storkel.
Bitconned on Netflix: What was Ray Trapani accused of?
After the launch of Centra Tech, the company encouraged people to raise funds through an initial coin offering (ICO). Their cryptocurrency was called Centra, which worked in the same way as Bitcoin, Ether, and Dogecoin. The advantage of this currency was that every transaction was conducted via a decentralized system. This meant they did not have to rely on bank or government interference, leading to Centra Tech’s rise in popularity. In fact, many celebrities endorsed and invested in the company, including Floyd Mayweather Jr. and DJ Khaled.
However, everything came crashing down when New York Times journalist Nathaniel Popper noticed a huge crack in the system. Following this, investors and reporters began enquiring about the company’s fictional CEO, Michael Edwards.
Nathaniel Popper said, “Centra was the archetype of what was wrong with cryptocurrency. During the ICO boom, you had people doing these serious projects — kids with PhDs from Stanford, from MIT — at the same time as you had these kids who were agents at rental car companies in Miami who were raising the exact same amount of money as the PhDs from MIT — without any experience.”
After Popper’s story went public, authorities began investigating this fraudulent company. Furthermore, Trapani, Sharma, and Farkas were convicted of several crimes. Even though Ray Trapani cooperated with federal authorities, he pleaded guilty to 10 counts, including securities fraud and wire fraud. According to The U.S. Sun, he was sentenced to three years of supervised release. He even had to pay almost $3 million in fines.
