SDNY Charges Few and Far Founder Taj Tarsha Over $10M SAFT Token Fraud

Federal prosecutors in New York have charged Taj Tarsha, founder of Web3 marketplace Few and Far, with wire fraud and securities fraud after he allegedly misallocated more than $10 million raised from investors through token allocation agreements.

The indictment, unsealed Wednesday by the U.S. Attorney’s Office for the Southern District of New York, alleges that the 34-year-old entrepreneur solicited funds starting in 2022 by selling rights to 95 million FAR tokens via Simple Agreements for Future Tokens (SAFTs). Tarsha convinced at least 67 investors to back the non-fungible token platform, promising the capital would fund protocol architecture and platform growth.

Instead of fueling marketplace development, prosecutors assert that Tarsha siphoned investor money almost immediately into personal pursuits. The Department of Justice alleges the capital was funneled into online gambling platforms, speculative cryptocurrency trading, nearly $1 million in unauthorized bonuses, an inflated salary, a loan for a Miami condominium, interior design services, and his personal DJ hobby.

“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.”

The capital depletion came to a head in 2023 when an internal audit uncovered evidence of executive financial misconduct. According to court filings, Tarsha attempted to obscure the venture’s deteriorating balance sheet by laying off virtually the entire workforce while maintaining a public-facing campaign to give the illusion of active protocol development.

When the FAR token eventually went live on secondary markets in May 2024, the asset collapsed instantly. “When he finally launched the FAR token in May 2024, it was effectively worthless and soon ceased trading,” prosecutors said.

“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,” Deputy U.S. Attorney Sean S. Buckley said in a statement.

The legal action adds to a growing list of federal prosecutions targeting pre-launch token sales and crypto project abandonments. The case mirrors previous enforcement actions against creators of projects like Mutant Ape Planet—whose founder Aurelien Michel pleaded guilty to wire fraud in November 2023 following a $3 million token scheme—alongside federal actions against the creators of the Frosties NFT project and Baller Ape Club.

Tarsha faces up to 20 years in prison on each count if convicted. Attorneys for Tarsha did not immediately respond to a request for comment.