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SEC Obtains Final Judgment Against Bitcoin Mining Fraud Joshua Garza



De Silva

On Wednesday, the Securities and Exchange Commission (SEC) obtained a final judgment against Homero Joshua Garza, founder of GAW Miners and ZenMiner, two bitcoin mining companies that were used to defraud investors.

On October 4, 2017, Judge Jeffrey A. Meyer of the US District Court for the District of Connecticut entered a final judgment against Homero Joshua Garza, founder of bitcoin mining companies GAW Miners and ZenMiner. Charged with “conducting a fraudulent offering of unregistered securities and operating a Ponzi scheme,” Garza was ordered liable for disgorgement of approximately $9.18 million and prejudgment interest of $742,774.

As ETHNews previously explained, Garza sold investments that supposedly entitled shareholders to a portion of profits from his mining companies. In reality, the companies did not possess the requisite computing power and Garza distributed “investor returns” using money received from subsequent victims.

In July 2017, Garza pled guilty to one count of wire fraud in the related criminal case. His sentencing is scheduled for January 5, 2018, and he faces up to 20 years imprisonment.

In June 2017, the SEC won a final judgment against Garza’s bitcoin mining companies. The companies were ordered to pay, jointly and severally, approximately $10.38 million in disgorgement and prejudgment interest.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

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