U.S. DOJ Charges Few and Far Founder in Alleged $10M+ Investor Fraud; FAR Token Down 99%

U.S. federal prosecutors have indicted Taj Tarsha, founder of NFT marketplace venture Few and Far, alleging he raised more than $10 million from at least 67 investors and then diverted the proceeds to gambling, cryptocurrency speculation and personal expenses. The project's FAR token has since fallen more than 99% after its May 2024 debut. According to the U.S. Department of Justice, announced Aug. 5, Tarsha is charged with securities fraud and wire fraud tied to fundraising for an NFT marketplace that had not brought a product to market when the capital raise began. Prosecutors say Tarsha was the company's founder and sole equity owner. Beginning in February 2022, Tarsha allegedly sold rights to 95 million FAR tokens via Simple Agreements for Future Tokens, collecting more than $10 million. Offering materials, prosecutors said, told investors the funds would be used to build the Few and Far NFT marketplace and support the FAR token intended to circulate on the platform. Deputy U.S. Attorney Sean S. Buckley said Tarsha promised investor money would be used for development, but instead "breached their trust by stealing those funds for his own personal benefit." Court filings allege investor proceeds moved into personal wallets shortly after receipt, including for online gambling and speculative crypto purchases. Prosecutors also allege Tarsha siphoned nearly $1 million more while portraying the payments as legitimate compensation, including two bonuses he allegedly concealed from investors and a cofounder, as well as a salary he later acknowledged was unreasonable for a company with no product and "zero revenue." An internal audit in June 2023 reportedly surfaced the spending and triggered disputes over the firm's finances. The indictment says Tarsha later retook control of the company treasury, dismissed nearly all remaining staff, and kept one contractor to create the appearance of ongoing marketplace development. Prosecutors allege personal spending continued for at least another year, including a Miami condominium loan, interior design services, an unrelated business and Tarsha's DJ hobby. The DOJ pointed to other federal NFT cases with similar allegations, including a separate $22 million NFT rug-pull prosecution and the Evolved Apes matter, in which buyers were allegedly promised development of a related video game before project proceeds were transferred away; three U.K. nationals faced charges in that case. Tarsha launched FAR in May 2024, more than two years after early investors paid for token rights. Prosecutors said the token was "effectively worthless and soon ceased trading," and its value has since dropped more than 99%. Tarsha, 34, of Miami, faces one count of securities fraud and one count of wire fraud. Each charge carries a maximum statutory sentence of 20 years. He was arrested June 6. Prosecutors noted parallels to other crypto-related fraud cases, including the Clucoin case in which founder Austin Michael Taylor admitted diverting $1.14 million and spending at online casinos, and another case that resulted in a nine-year sentence for raising more than $10 million based on representations about trading expertise and principal protection.