Bitcoin Forum
October 22, 2017, 06:59:43 AM *
News: Latest stable version of Bitcoin Core: 0.15.0.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [2015-12-01] Jail time motherfucker: SEC Charges GAW & Josh Garza  (Read 357 times)
LiteCoinGuy
Legendary
*
Offline Offline

Activity: 1148


In Satoshi I Trust


View Profile WWW
December 01, 2015, 06:32:03 PM
 #1

Jail time motherfucker: SEC Charges GAW & Josh Garza

Washington D.C., Dec. 1, 2015 —

The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors.

According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.

https://www.sec.gov/news/pressrelease/2015-271.html



black guys will love him  Wink

1508655583
Hero Member
*
Offline Offline

Posts: 1508655583

View Profile Personal Message (Offline)

Ignore
1508655583
Reply with quote  #2

1508655583
Report to moderator
1508655583
Hero Member
*
Offline Offline

Posts: 1508655583

View Profile Personal Message (Offline)

Ignore
1508655583
Reply with quote  #2

1508655583
Report to moderator
1508655583
Hero Member
*
Offline Offline

Posts: 1508655583

View Profile Personal Message (Offline)

Ignore
1508655583
Reply with quote  #2

1508655583
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1508655583
Hero Member
*
Offline Offline

Posts: 1508655583

View Profile Personal Message (Offline)

Ignore
1508655583
Reply with quote  #2

1508655583
Report to moderator
coaltin
Sr. Member
****
Offline Offline

Activity: 392


View Profile
December 01, 2015, 06:46:33 PM
 #2

I believe SEC in its statement

Quote
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.

is the harsher implication of everything being discussed here: https://bitcointalk.org/index.php?topic=857670.0;topicseen
LiteCoinGuy
Legendary
*
Offline Offline

Activity: 1148


In Satoshi I Trust


View Profile WWW
December 01, 2015, 07:06:50 PM
 #3

http://www.coindesk.com/gaw-faces-ponzi-scheme-charges-from-sec/

gentlemand
Legendary
*
Offline Offline

Activity: 1428


Hello You


View Profile
December 01, 2015, 10:16:14 PM
 #4

There was so much screaming and shit being slung that I well and truly couldn't be bothered trying to even begin to keep abreast of what was going on there. The one thing that was clear was the bad smell hanging over the whole thing.

Bitware
Hero Member
*****
Offline Offline

Activity: 910


weaving spiders come not here


View Profile
December 01, 2015, 10:41:38 PM
 #5

Good.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!