SEC charges Joshua Garza for conducting a Ponzi scheme and defrauding investors - page 3.

mayax

legendary

Activity: 1470

Merit: 1004

Nothing new. The whole Bitcoin market is full of similar "businesses".

Even the big exchange companies are making the same; fake bots, fake transactions, cheating clients in this way. Any reaction? None.

"Joshua Garza" is just a name from many. Bitstamp, Bitfinex, Huobi, BTC China, Okcoin and so on are cheating customers daily by faking their transactions volume and misrepresenting the nature of what they were selling (fake volum, fake data, fake price, market manipulation).

newcoins1978

sr. member

Activity: 406

Merit: 250

Quote from: dothebeats on December 01, 2015, 08:30:53 PM

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.

newcoins1978

sr. member

Activity: 406

Merit: 250

Quote from: BitcoinBud44 on December 01, 2015, 08:21:25 PM

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..

dothebeats

legendary

Activity: 3542

Merit: 1352

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.

BitcoinBud44

member

Activity: 63

Merit: 10

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

newcoins1978

sr. member

Activity: 406

Merit: 250

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.

inget

member

Activity: 111

Merit: 10

Quote from: meono on December 01, 2015, 07:54:24 PM

Quote from: franky1 on December 01, 2015, 05:49:27 PM

Quote from: Arrakeen on December 01, 2015, 05:46:31 PM

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,..

meono

full member

Activity: 196

Merit: 100

Quote from: franky1 on December 01, 2015, 05:49:27 PM

Quote from: Arrakeen on December 01, 2015, 05:46:31 PM

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

member

Activity: 111

Merit: 10

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.

ShrykeZ

hero member

Activity: 630

Merit: 500

Quote from: Arrakeen on December 01, 2015, 05:46:31 PM

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.

h0w8rd

jr. member

Activity: 56

Merit: 1

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

VirosaGITS

legendary

Activity: 1302

Merit: 1068

Quote from: jertsy on December 01, 2015, 05:50:33 PM

Quote from: VirosaGITS on December 01, 2015, 05:37:39 PM

Quote from: jertsy on December 01, 2015, 04:59:58 PM

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/

Quote

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.

Quote

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.

TKeenan

hero member

Activity: 874

Merit: 1000

Quote from: koshgel on December 01, 2015, 04:42:52 PM

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!!!!

jertsy

sr. member

Activity: 341

Merit: 250

Quote from: VirosaGITS on December 01, 2015, 05:37:39 PM

Quote from: jertsy on December 01, 2015, 04:59:58 PM

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/

Quote

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.

Quote

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"

franky1

legendary

Activity: 4424

Merit: 4794

Quote from: Arrakeen on December 01, 2015, 05:46:31 PM

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..

Arrakeen

hero member

Activity: 532

Merit: 500

Offer escrow, receive negative trust

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

VirosaGITS

legendary

Activity: 1302

Merit: 1068

Quote from: jertsy on December 01, 2015, 04:59:58 PM

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/

Quote

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?

jertsy

sr. member

Activity: 341

Merit: 250

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/

Quote

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.

Blawpaw

legendary

Activity: 1596

Merit: 1027

Quote from: unamis76 on December 01, 2015, 04:57:03 PM

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

unamis76

legendary

Activity: 1512

Merit: 1012

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

Topic: SEC charges Joshua Garza for conducting a Ponzi scheme and defrauding investors - page 3. (Read 2500 times)