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GAW Miners CEO Homero Joshua Garza has reportedly pleaded guilty to wire fraud in a deal to wrap up a criminal case brought by the SEC. Sentencing will take place at a hearing on 1st June after further interviews with victims.
Others who worked with Garza, including former GAW Miners CTO Joe Mordica and ZenMiner head Eric Capuano, were not charged.
The charges stem from Garza's involvement with GAW Miners - which includes failed cryptocurrency Paycoin, cloud mining site ZenCloud, exchange PayBase, and CoinSwap.
Garza and GAW Miners are also the defendants in a civil suit dealing with the same incidents.
The SEC said HashStakers and Paycoin were attempts by GAW and Garza to prolong the ponzi scheme and prevent GAW Miners' collapse.
Did you lose any money in GAW Miners or Paycoin? What are your thoughts on the matter? Let us know in the comments.
The SEC alleges that Homero Joshua Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares of a digital Bitcoin mining operation. In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct, so most investors paid for a share of computing power that never existed. Returns paid to some investors came from proceeds generated from sales to other investors.
[ad_1] News U.S. Attorney’s Office District of Connecticut has announced Homero Joshua Garza (Josh Garza) has been sentenced to “21 months of imprisonment, followed by three years of supervised release, the first six months of which [Mr. Garza] must spend in home confinement, for his role in his companies’ purported generation and sale of virtual … Homero Josh Garza, who founded two cryptocurrency startups, GAW Miners and ZenMiner, has been ordered to pay a final civil judgment of $9.1 million, plus $700,000 in interest.. The judgement ... U.S. Attorney’s Office District of Connecticut has announced Homero Joshua Garza (Josh Garza) has been sentenced to “21 months of imprisonment, followed by three years of supervised release, the first six months of which [Mr. Garza] must spend in home confinement, for his role in his companies’ purported generation and sale of virtual currency.” Homero ‘Josh’ Garza was already running two successful companies, Optima Computers and Great Auk Wireless by age 21. A keen interest in cryptocurrency mining led him to start GAWMiners in March 2014. GAWMiners started out selling Gridseed scrypt ASIC miners. The company then partnered with ZeusMiner to sell scrypt miners, often rebranded with their own trade names like ‘Falcon’ and ... Another attempted Bitcoin scheme was interrupted, and the responsible party, Homero Joshua Garza is now being sued for fraud. The founder of ZenMiner and GAW Miner, Homero Joshua Garza, was caught mining for bitcoin and sued by the Securities and Exchange Commission (SEC). A civil complaint accused Garza and his brother (Carlos Garza) of mining bitcoin and committing a fraud worth over $10 ...
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