Ray Trapani is a former co-founder and COO of Centra Tech, a cryptocurrency company that was exposed as a massive fraud in 2018. He was one of the main leaders behind the fraud that used a fake initial coin offering (ICO) to defraud investors out of almost $25 million. Additionally, a Netflix documentary named “Bitconned” examines his ascent and decline as a digital currency fraud.
Who is Ray Trapani?
Trapani was a co-founder, former COO, and adviser for Centra Tech. Centra Tech has created ideas that combine digital currencies and international trade. On the other hand, this company took millions of dollars from online victims.
Bitcoin: A Netflix documentary about Ray Trapani has made him a hot topic on the internet. The documentary Bitconned recently included the true crime story that traced Ray Trapani’s rocky life’s ups and downs. Netflix started playing the movie on January 1, 2024.
Ray Trapani Wiki/Bio:
| Name | Ray Trapani |
| Date of Birth | Early 1990s |
| Place of Birth | Atlantic Beach, New York |
| Nationality | American |
| Ethnicity | White |
| Height | 5’10″ |
| Occupation | Former COO and co-founder of Centra Tech |
| Spouse | Kimberly “Kim” Marie Costanzo Trapani |
| Children | One son |
| Net Worth | $500,000 |
Ray Trapani Early Life:
Ray Trapani was born in Atlantic Beach, New York, in the early 1990s to Kerri Ann Hagner, a single mother. His biological father did not raise him; he has two brothers. His grandparents, Patsy Boyle and William “Bill” Hagner provided him with both emotional and material support while he grew up in a poor house.
Ray looks up to his grandfather Bill, who was a successful elevator industry owner. Ray says he was moved by his grandfather’s wealth and way of life and that he always wanted to be wealthy and successful.
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Ray met Sam “Sorbee” Sharma and Robert Farkas, who would later co-found Centra Tech, while he was a student at Lawrence High School. The three became good friends since they all had a shared fondness for vehicles, money, and events.
After his high school completion, Ray moved to Miami, Florida, and teamed with his grandfather to launch Miami Exotics, a luxury car rental company. Ray’s grandfather received a $250,000 loan against his home to finance Ray’s business effort.
By promising them large returns, Ray also persuaded a few of his other family members to invest in his business.
Ray Trapani Centra Tech Scam:
Along with Sorbee and Farkas, Ray founded Centra Tech in 2017, a cryptocurrency startup that claimed to provide a debit card that would let users spend their digital currency at any business that took Visa or Mastercard.
Additionally, the company stated that it has connections to major businesses such as Bancorp, Visa, and Mastercard and that it had a team of senior executives and advisors who supported the effort on social media, including DJ Khaled and Floyd Mayweather.
But because Centra Tech had such partnerships, such a card, and such a team, it was all a fraud. The company used a lot of false information, exaggerations, and fake credentials on its website, whitepaper, and marketing materials.
From July to October 2017, the company’s initial coin offer (ICO) brought in over $25 million from foolish investors who bought the company’s tokens, called CTR, in exchange for Ethereum, Bitcoin, or other cryptocurrencies.
Ray was the talent behind the scam, creating websites, documents, and profiles that gave an appearance that the business was real. To play the roles of the company’s supporters, employees, and clients, he also employed influencers, models, and actors.
He changed the public’s view of the company by using his expertise in Photoshop, web design, and social media. He also led a life of luxury and excess, overflowing cash on parties, homes, vehicles, and clothes.
Ray Trapani Net Worth:
While Ray’s exact wealth is not clear for now, as of 2024, it is expected to reach close to $500,000. He says he still has some money from his crypto projects, but he won’t say how much or from where.
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Furthermore, he says he will launch a new company named Cambridge & Brown that will lend money to people with limited incomes at a 50% interest rate. He maintains that he is only trying to support himself and that he doesn’t participate in anything that is illegal.
Where is Ray Trapani ?
In Bitconned’s last times, we learn how Trapani, who came to light in 2018, avoided jail time for the scam. Instead of facing over a century in jail, Trapani received a sentence of time served and a three-year supervised release after he collaborated with the law.
We also find out that since Centra Tech failed, Trapani got married, had a child, and bought a home. The documentarians ask a few pointed questions but fail to ask how he was able to afford to buy the house in question.
Trapani has been somewhat active on the internet since the release of Bitcoin. He asked viewers to send him any follow-up questions on the documentary on his X/Twitter account, where he is verified by Twitter Blue.
Among the questions he fielded were those claiming Trapani was not paid by Netflix for the documentary and that the claim made after the show that he was starting a new loan company was “untrue”.
Ray Trapani Personal Life:
Ray met Kimberly “Kim” Marie Costanzo Trapani in 2021 while he was being held on bond and sporting an ankle bracelet. The two have since married. Their son was born the same day Ray learned his sentence.
Ray says he wants to be a better person and a good father, and he loves his wife and baby. Furthermore, he says he regrets being a part of the fraud and wishes he could take back what harm he did to his family, his investors, and his public image.
Ray Trapani Arrest News:
In the wake of the debut of the Netflix documentary Bitconned, interest in Ray Trapani’s Wikipedia entry has risen. Despite his involvement in complex scams using Bitcoin, Ray Trapani, the co-founder of Centra Tech, is currently at liberty.
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The movie shows Trapani’s role in the fraud plan, as well as that of his friends Robert Farkas and Sam “Sorbee” Sharma. Despite his fraud scheme, Trapani spared jail time and cooperated with the authorities. The documentary Bitconned gets promoted via his verified social media presence.
In between, Trapani was mandated to pay $2.9 million in repayment, and Sharma and Farkas received terms of eight years and one year in prison, respectively.
Ray Trapani Wife:
Ray Trapani’s marital status is an issue of significance to many. In front of their family and friends, he married Kimberly Marie Costanzo, his girlfriend who eventually became his wife, in 2022.
Kimberly Costanzo, his wife, was the head coach of JV soccer and instructor at St. Mary’s High School. She works at Nubest as a Coordinator also. When Ray Trapani was released from jail after post bail in 2021, he got to know Kimberly Costanzo, his wife. The sole child of Ray and his wife, Kimberly Costanzo, was born on the day of Ray’s sentencing.
Conclusion:
Ray Trapani once a prominent figure in the cryptocurrency world, fell from grace after his involvement in the Centra Tech fraud. Despite avoiding a lengthy prison sentence through cooperation, his reputation remains tarnished. The Netflix documentary “Bitconned” sheds light on his deceitful actions and subsequent attempts at redemption. Trapani’s journey serves as a cautionary tale about the dangers of financial fraud and the complexities of personal accountability in the digital age.
FAQs:
Q: What was Ray Trapani’s role in the Centra Tech scam?
A: Ray Trapani was a co-founder and former COO of Centra Tech, instrumental in orchestrating the fraudulent ICO that deceived investors out of millions.
Q: What consequences did Ray Trapani face for his involvement in the fraud?
A: Trapani avoided a lengthy prison sentence by cooperating with authorities but was mandated to pay $2.9 million in restitution. His colleagues received varying prison terms.
Q: How did Ray Trapani attempt to rebuild his life after the scandal?
A: Trapani got married, had a child, and expressed remorse for his actions. He also hinted at starting a new business venture despite skepticism from the public.
Q: What is the significance of the Netflix documentary “Bitconned” in Ray Trapani’s story?
A: “Bitconned” provides insights into Trapani’s rise, fall, and post-scandal life, prompting discussions about accountability, redemption, and the implications of financial fraud.
