Submitted via IRC for SoyCow1984
A man who, according to federal authorities, ran a fake cryptocurrency Ponzi scheme and pleaded guilty last year to one count of wire fraud is now headed to prison.
On Thursday, Homero Joshua Garza, also known as Josh Garza, has now been sentenced by a federal judge in Hartford, Connecticut, to 21 months in prison, three years of supervised release, and more than $9 million in restitution. The news was first reported Thursday by CoinDesk.
In their sentencing memorandum filed before the hearing, prosecutors were blunt in their assessment of Garza, saying that he "lied to investors and customers and took their money" to the tune of $9 million in losses spread across thousands of people worldwide.
(Score: 0) by Anonymous Coward on Sunday September 16 2018, @04:16PM (5 children)
This is great news! Bitcoin is clearly a ponzi scheme.
(Score: 0) by Anonymous Coward on Sunday September 16 2018, @04:47PM (3 children)
I do not think it means what you think it means.
That being said, I'm not defending Bitcoin's virtues.
(Score: 1, Insightful) by Anonymous Coward on Monday September 17 2018, @12:17AM (2 children)
Bitcoin is form of fraud which pays profits earlier investors using funds obtained from newer investors.
(Score: 0) by Anonymous Coward on Monday September 17 2018, @12:47AM (1 child)
You're not understanding supply/demand.
You're not understanding wealth creation.
In general, you're not thinking very deeply about this; you're merely falling prey to naive (and erroneous) pattern matching.
(Score: 1, Interesting) by Anonymous Coward on Monday September 17 2018, @01:07AM
Capitalism is a Ponzi scheme. You're both right, just at different scales of thinking.
(Score: 0) by Anonymous Coward on Monday September 17 2018, @11:55AM
This one was fake ponzi scheme, bitcoin is the real deal. How he dare to lure people into a fake scheme. Well deserved jail time.