Federal prosecutors say the founder of NFT marketplace Few and Far raised more than $10 million from investors — then spent most of it on online gambling, risky crypto bets, lavish personal expenses and even a DJ hobby. What happened The U.S. Attorney’s Office for the Southern District of New York announced an indictment Wednesday charging 34-year-old Taj Tarsha with securities fraud and wire fraud. Prosecutors allege Tarsha raised funds in 2022 through Simple Agreements for Future Tokens (SAFTs) — contracts that let investors prepay for tokens to be delivered later — selling rights to 95 million FAR tokens to at least 67 investors and raising over $10 million. Instead of using that capital to build the decentralized NFT marketplace Few and Far, the indictment says Tarsha diverted investor money almost immediately to online gambling, speculative cryptocurrency trades, nearly $1 million in employee bonuses, an inflated salary, a loan on a Miami condominium, interior design work, and “his DJ hobby.” Prosecutors further allege he concealed the company’s financial troubles after a 2023 audit and continued to create the appearance of development even after laying off nearly all staff. When the FAR token finally launched in May 2024, prosecutors say it was “effectively worthless” and soon stopped trading. Official reactions “Taj Tarsha is alleged to have concealed fraudulent conduct behind his crypto startup, using investor funds for personal benefit,” FBI Assistant Director in Charge James C. Barnacle, Jr. said in a statement. “Protecting the integrity of our financial markets is a priority, and the FBI remains steadfast in its commitment to conducting thorough and fact-driven investigations into potential financial offenses.” Deputy U.S. Attorney Sean S. Buckley added: “Investors are entitled to the truth when choosing to make an investment, and this Office and our law enforcement partners will hold business leaders responsible when they lie for their own gain.” Tarsha’s defense Tarsha denies the allegations. Through attorneys Even T. Barr and Kaela Dahan, he told Decrypt he plans to fight the charges. Their statement described Few and Far as “a legitimate Web3 startup that built a real NFT marketplace,” saying the project and its token were swept up in the market collapse that hit many NFT ventures. “Mr. Tarsha never intended to defraud anyone,” they said, arguing that sophisticated investors knowingly assumed the risks of digital-asset investments in 2022. “Business failure is not a crime. Mr. Tarsha is innocent and looks forward to being fully exonerated.” Wider enforcement context The indictment is part of a broader push by federal prosecutors into alleged NFT scams and rug pulls. In November 2023, Aurelien Michel, creator of Mutant Ape Planet, pleaded guilty to wire fraud after authorities said his project defrauded buyers of nearly $3 million. Other high-profile disputes have involved projects such as Frosties and Baller Ape Club, where founders or developers were accused of abandoning projects after raising millions. Editor’s note: This story was updated after publication to include comment from Taj Tarsha’s attorneys.
Few and Far Founder Indicted for $10M Fraud, Allegedly Spent Funds on Gambling and DJing
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Summary
Taj Tarsha, founder of NFT marketplace Few and Far, has been indicted for securities and wire fraud, with allegations he siphoned $10 million raised via SAFTs into gambling, speculative crypto trades, DJing, and personal expenses. Prosecutors accuse him of hiding financial struggles and misleading investors after mass layoffs. Tarsha insists Few and Far was a legitimate Web3 business, emphasizing business failure is not a crime. The case aligns with a federal push targeting NFT scams, liquidity and crypto markets continue to face regulatory scrutiny under CFT efforts.
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