Few and Far Founder Indicted for $10M NFT Fraud, Allegedly Spent Funds on Gambling and Personal Expenses

Federal prosecutors in New York have charged the founder of NFT marketplace Few and Far with securities and wire fraud, alleging he raised more than $10 million from investors to build a Web3 NFT platform — then spent large portions of the money on gambling, riskier crypto trades and personal expenses, including a DJ hobby. The U.S. Attorney’s Office for the Southern District of New York unsealed an indictment Wednesday naming 34-year-old Taj Tarsha. According to prosecutors, Tarsha solicited investments in 2022 via Simple Agreements for Future Tokens (SAFTs)—contracts that let investors pay now in exchange for tokens delivered later—and sold rights to 95 million FAR tokens to at least 67 investors, raising over $10 million. Prosecutors say the funds were not used to build the marketplace. Instead, the indictment alleges Tarsha diverted cash almost immediately for: - online gambling and speculative cryptocurrency purchases, - nearly $1 million in bonuses and an inflated salary, - a loan on a Miami condominium and interior design services, - personal pursuits such as funding a DJ hobby. The filing also alleges Tarsha concealed the company’s deteriorating finances after a 2023 audit flagged misconduct, kept up appearances of ongoing development while laying off most employees, and ultimately launched the FAR token in May 2024 only for it to be “effectively worthless,” ceasing trading soon afterward. FBI Assistant Director in Charge James C. Barnacle, Jr. emphasized the agency’s focus on financial market integrity: “Taj Tarsha is alleged to have concealed fraudulent conduct behind his crypto startup, using investor funds for personal benefit,” he said in a statement. Tarsha’s legal team disputes the allegations. In comments provided to Decrypt, attorneys Even T. Barr and Kaela Dahan said Few and Far was “a legitimate Web3 startup that built a real NFT marketplace” and that Tarsha “never intended to defraud anyone.” They framed the case as a failed business venture being recast as criminal conduct, adding that sophisticated investors assumed the risks of digital-asset investments during the 2022 boom. “Mr. Tarsha is innocent and looks forward to being fully exonerated,” the lawyers said. The indictment comes amid a broader enforcement push into allegedly fraudulent NFT projects. Prosecutors previously secured a guilty plea in November 2023 from Mutant Ape Planet creator Aurelien Michel for an alleged $3 million NFT “rug pull,” and other recent cases have involved abandoned projects that raised millions. Deputy U.S. Attorney Sean S. Buckley stressed accountability for misleading investors: “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.” Editor’s note: This story was updated after publication to include comment from Taj Tarsha’s attorneys.