SEC charges Joshua Garza for conducting a Ponzi scheme and defrauding investors

[koshgel]

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

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

http://www.reuters.com/article/2015/12/01/bitcoin-sec-idUSL3N13Q58W20151201#B89LQz9EWUukTjTM.97



Pretty happy to see that he got what was coming to him. Scammers hurt Bitcoin so much.

[unamis76]

This guy didn't have anywhere to run... Justice has been served, I think.

[Blawpaw]

This guy didn't have anywhere to run... Justice has been served, I think.

Yeah! I even bought some of their hashlets myself and lost some money. I hope the Joshua gets what he deserves. At least 20 years

[jertsy]

I never found out how much Garza made from his scheme until now. It says he made $19 million from the whole thing including his coin. I hope the investors get all their money back. The way he conducted business fits the model of a Ponzi scheme. I remember he said his coin was guaranteed a value of $20, then denied he ever said it after it started crashing.

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

The SEC said that Garza and GAW earned roughly $19 million in revenue from the scheme, which evolved from hardware hosting to cloud mining to the eventual launch of an alternative cryptocurrency and has as many as 10,000 customers and investors.

[VirosaGITS]

I never found out how much Garza made from his scheme until now. It says he made $19 million from the whole thing including his coin. I hope the investors get all their money back. The way he conducted business fits the model of a Ponzi scheme. I remember he said his coin was guaranteed a value of $20, then denied he ever said it after it started crashing.

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

The SEC said that Garza and GAW earned roughly $19 million in revenue from the scheme, which evolved from hardware hosting to cloud mining to the eventual launch of an alternative cryptocurrency and has as many as 10,000 customers and investors.

I'm not sure what kind of form or process could have international people who bought in get some kind of refund on their purchases. Is it even possible?

[Arrakeen]

19 million....wow

I wonder how many people are currently running similar operations, without any of us knowing? Many of which could probably put Garza's 19mil profit to shame...crazy to think about

[franky1]

19 million....wow

I wonder how many people are currently running similar operations, without any of us knowing? Many of which could probably put Garza's 19mil profit to shame...crazy to think about

thank about the 1000+ altcoin's in existance.. all promising the world but ending up leaving people with a bag or crap..

[jertsy]

I never found out how much Garza made from his scheme until now. It says he made $19 million from the whole thing including his coin. I hope the investors get all their money back. The way he conducted business fits the model of a Ponzi scheme. I remember he said his coin was guaranteed a value of $20, then denied he ever said it after it started crashing.

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

The SEC said that Garza and GAW earned roughly $19 million in revenue from the scheme, which evolved from hardware hosting to cloud mining to the eventual launch of an alternative cryptocurrency and has as many as 10,000 customers and investors.

I'm not sure what kind of form or process could have international people who bought in get some kind of refund on their purchases. Is it even possible?

I hope they all get their money back, but I'm skeptical international investors will get much, if anything back.

The Mississippi Power Company is owed money and has won a court judgment, but it's still struggling to get its money back. Small investors don't have armies of lawyers like the Mississippi Power Company, and international small investors might have less legal rights than American citizens.

A former utility provider for the firm, Mississippi Power Company, recent won a default judgment and recently told CoinDesk that it is "using all available remedies to collect the monies owed by GAW Miners"

[TKeenan]

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

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

http://www.reuters.com/article/2015/12/01/bitcoin-sec-idUSL3N13Q58W20151201#B89LQz9EWUukTjTM.97



Pretty happy to see that he got what was coming to him. Scammers hurt Bitcoin so much.

It figures that the fucker's real name is "Homer"  Doh!!!!

[VirosaGITS]

I never found out how much Garza made from his scheme until now. It says he made $19 million from the whole thing including his coin. I hope the investors get all their money back. The way he conducted business fits the model of a Ponzi scheme. I remember he said his coin was guaranteed a value of $20, then denied he ever said it after it started crashing.

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

The SEC said that Garza and GAW earned roughly $19 million in revenue from the scheme, which evolved from hardware hosting to cloud mining to the eventual launch of an alternative cryptocurrency and has as many as 10,000 customers and investors.

I'm not sure what kind of form or process could have international people who bought in get some kind of refund on their purchases. Is it even possible?

I hope they all get their money back, but I'm skeptical international investors will get much, if anything back.

The Mississippi Power Company is owed money and has won a court judgment, but it's still struggling to get its money back. Small investors don't have armies of lawyers like the Mississippi Power Company, and international small investors might have less legal rights than American citizens.

A former utility provider for the firm, Mississippi Power Company, recent won a default judgment and recently told CoinDesk that it is "using all available remedies to collect the monies owed by GAW Miners"

I don't suppose credit cards companies like Mastercard could refund purchase done at a scammy website 1yr+ when it was proven that the seller was doing fraud? Hah.

[h0w8rd]

I too invested and scammed, hope there is some kind of recovery, but with very little hope.

[ShrykeZ]

19 million....wow

I wonder how many people are currently running similar operations, without any of us knowing? Many of which could probably put Garza's 19mil profit to shame...crazy to think about

Probably more than we would ever expect and with the announcement of this profit, there will only be more.

[inget]

Wow't i's taken a long time but finally some hope for justice.

I'm sure I won't see any money back, but seeing him go to jail, makes me at least a bit satisfied.

Thnx for posting this btw. I don't visit the paycoin forums anymore, so else I would have seen it much later or not.

[meono]

19 million....wow

I wonder how many people are currently running similar operations, without any of us knowing? Many of which could probably put Garza's 19mil profit to shame...crazy to think about

thank about the 1000+ altcoin's in existance.. all promising the world but ending up leaving people with a bag or crap..

am i the only one that think the ppl who invested in "scamcoins" deserve what coming to them?

I mean they all just want to get rich quick. They even talk shit about bitcoin and persuade more greedy pigs to join in.

Just look around in Alternative Coin section, tell me if you dont feel disgusted about this side of cryptocurrency.

[inget]

19 million....wow

I wonder how many people are currently running similar operations, without any of us knowing? Many of which could probably put Garza's 19mil profit to shame...crazy to think about

thank about the 1000+ altcoin's in existance.. all promising the world but ending up leaving people with a bag or crap..

am i the only one that think the ppl who invested in "scamcoins" deserve what coming to them?

I mean they all just want to get rich quick. They even talk shit about bitcoin and persuade more greedy pigs to join in.

Just look around in Alternative Coin section, tell me if you dont feel disgusted about this side of cryptocurrency.

Lol, the business model of GAW was different. People invested in a reputable company that sold asics. They had a good reputation.

Then they launched their Hashlets (cloud mining) which were promised a guranteed profit.

How can that not be misleading?

Paycoin came long after that,..

[newcoins1978]

Finally some justice. After so much time being passed, i though he would dodge this bullet, but he will not.

Let's hope this get a lot of media attention, so he and everybody that profits (his family) will be punished by shame too.

[BitcoinBud44]

Very good news.  I'm happy to see this.

[dothebeats]

Good thing that he finally gets what he deserves to get. It's quite saddening that people who lost so much in this scam fell for it. GAW SEEMED TO BE legit at first, well after a few months they fucked it over for the money.

[newcoins1978]

Very good news.  I'm happy to see this.

It's a great thing indeed. Some justice right. 19M of funds stolen by some greedy CEO.

I am confident he brought loads of new people into crypto, but then scared them away..

[newcoins1978]

Good thing that he finally gets what he deserves to get. It's quite saddening that people who lost so much in this scam fell for it. GAW SEEMED TO BE legit at first, well after a few months they fucked it over for the money.

Yeah I don't undertstandy why they blame the investors. It was NOT an altcoin just a legimate business doing some new.

There is no blame and shame investing in a company likethis and having this kind of innovated/elevated product.