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

[nagatraju]

I am also invested some money with GAW Miners. But I don't hope to get any money back, as we see many disappeared companies and investors previous.

[1713535208]

1713535208

[1713535208]

1713535208

[1713535208]

1713535208

[jbreher]

That is what got me about all this (I did not have anything in GAW/Paycoin) ..is HE COULD HAVE DONE SOMETHING LEGIT with the leverage he had as a legit hardware manufacturer .

legit hardware manufacturer?

eta: ooohhhhkaaaaayyyyy.....

[Searing]

That is what got me about all this (I did not have anything in GAW/Paycoin) ..is HE COULD HAVE DONE SOMETHING LEGIT with the leverage he had as a legit hardware manufacturer .

legit hardware manufacturer?

eta: ooohhhhkaaaaayyyyy.....

well more legit then bfl before the whole cloud mining etc etc there are at least GAW miners (labeled anyway) out there that did ROI you sure can't say that for
alpha tech or bfl (sha-256) and flower tech etc etc

but anyway probably too much benifit of a doubt there..but hell IF a legit place back in the day that made hardware and was legit and such with the caveat
of 'it risky' its an alt coin by us' 'our only premine is to get it off the ground seed money' and run as such...well with the hype for paycoin and even if such
an alt hit the world at 50c to 1 buck ...that would have been a pretty good splash for a new alt coin (at that time)

anyway all is moot..i'm just saying if/say a legit mnfg at that point in time had made a legit run at making a new ALT and folk saw a legit biz behind such
well obviously it is what folk wanted or the ponzi would not have worked so well by gaw

but we will never know if such a fly by night idea would work now...no legit biz of any type is gonna start a new alt after this fiasco their company lawyers would
have a stroke"

 

[Amph]

I hope that is only start, there is too much scammers in Bitcoin and altcoin scene. They are one of main reasons we still dig our way to mainstream.

without scams, there is NO BTC

so you're saying that scammer are a good thing or what? scammer the first thing they do with bitcoin is dumping, because they have acquired them for free

they are the plague, not to mention, that they will put  abig bad light on bitcoin, and scare newbie investors

i'm still waiting for them to find the hacker of bitstamp

[Mickeyb]

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

I am sure less and less after they all see this! This can't but scare the crap out of all of the scammers out there, at least the ones that are operating in the US!

It's good that the authorities have started cleaning up a bit this mess. All the scam schemes that were run in the Bitcoin space come to hurt us quite a bit!

[Denker]

I hope that is only start, there is too much scammers in Bitcoin and altcoin scene. They are one of main reasons we still dig our way to mainstream.

without scams, there is NO BTC

Are you serious about that comment?!
It's one thing , at least for me, if people try to buy goods with Bitcoin they can not get in a regular supermarket.
But fooling and scamming people is just disgusting!
Bitcoin would have been way better now without all these pricks who damags the image of Bitcoin the last 3 years!
That's a fact!

[tss]

very happy to see this finally happen.. it was not a ponzi.  just a complete fraud and deception.  $19m is nothing compared to the frapuccino kingpin.

[TKeenan]

just a complete fraud and deception.

Look at what a dumb-ass this guy is:

He is going to look good in jail.

[QuestionAuthority]

I know for a fact that Joshua Garza is innocent of running a Ponzi and defrauding investors....


...because there couldn't possibly be anyone stupid enough left alive to keep investing in nobodies that pop-up on the web. Even the Winkledouches were taught that painful lesson when they invested in BitInstant and watched their money vaporize overnight. With all of the scam info available on Bitcoin investments and mining fraud (from pools to equipment), I have absolutely no sympathy for any of the "victims".

[jonald_fyookball]

I know for a fact that Joshua Garza is innocent of running a Ponzi and defrauding investors....


...because there couldn't possibly be anyone stupid enough left alive to keep investing in nobodies that pop-up on the web. Even the Winkledouches were taught that painful lesson when they invested in BitInstant and watched their money vaporize overnight. With all of the scam info available on Bitcoin investments and mining fraud (from pools to equipment), I have absolutely no sympathy for any of the "victims".

QA:  I find you guilty of underestimating just how most stupid people are.

[jbreher]

That is what got me about all this (I did not have anything in GAW/Paycoin) ..is HE COULD HAVE DONE SOMETHING LEGIT with the leverage he had as a legit hardware manufacturer .

legit hardware manufacturer?

eta: ooohhhhkaaaaayyyyy.....

well more legit then bfl before the whole cloud mining etc etc there are at least GAW miners (labeled anyway) out there that did ROI

None of Homero's endeavors ever manufactured mining equipment. Sure, he sold some units made by others.

In what alternate universe do people fork over millions, based upon the credibility that he was the equivalent of a clerk at radio shack ([tm] RIP)?

[jbreher]

It will be interesting to see how deep Homero's scams reach into other commercial endeavors within the Bitcoin space. Cryptsy, for example, seems that it may have been in bed with him in the Paycoin scam.

[Jordan23]

If you fell for Paycoin you kind of deserved what happened to you.

[gkuqai]

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.

超级M M M社区是一 个公正、 诚信、互助的伟大平台，实现人生梦想

[Blue_Tiger73]

People like this don't deserve Bitcoin. They are the kind of the people that ruin Bitcoin's reputation. He got what he deserved and I think that this has really sent a message to other people that were planning to do this. Hopefully everyone that has been doing this, gets caught and everyone that was planning to do it, has changed their mind.

[Blue_Tiger73]

I know for a fact that Joshua Garza is innocent of running a Ponzi and defrauding investors....


...because there couldn't possibly be anyone stupid enough left alive to keep investing in nobodies that pop-up on the web. Even the Winkledouches were taught that painful lesson when they invested in BitInstant and watched their money vaporize overnight. With all of the scam info available on Bitcoin investments and mining fraud (from pools to equipment), I have absolutely no sympathy for any of the "victims".

You would be surprised with how many stupid people there are on the internet. Some of them are stupid enough to fall for all this kind of stuff. They get scammed, report the people, the people get caught and Bitcoin's reputation continues to get worse.

[QuestionAuthority]

I know for a fact that Joshua Garza is innocent of running a Ponzi and defrauding investors....


...because there couldn't possibly be anyone stupid enough left alive to keep investing in nobodies that pop-up on the web. Even the Winkledouches were taught that painful lesson when they invested in BitInstant and watched their money vaporize overnight. With all of the scam info available on Bitcoin investments and mining fraud (from pools to equipment), I have absolutely no sympathy for any of the "victims".

QA:  I find you guilty of underestimating just how most stupid people are.

I guess you're right, I must be underestimating them. I just can't believe anyone would know enough to give money to Garza but not know anything about Bitcoin history. That's a special kind of idiot.

[hunnaryb]

Oh so many others have got this coming for them too.

[Melds]

Well, I'd love to discuss this a bit more, but it is what it is.

I think we should look at the leveraged ponzi scheme that governments have allowed and continue to allow banks to get away with whilst reducing the spending power of the many. When people talk about economic growth, what they're really saying is the population has to grow so that more sheep can go consume stuff, and organisations can produce more and more stuff for these very sheep to consume at better marginal costs.

Its really no different from what we've been exposed to from govts.

[crazyivan]

Does anyone know if this clown has any remaining assets to seize?