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Fake-Cryptocurrency Ponzi Scheme Lands Creator in Prison

posted by Fnord666 on Sunday September 16 2018, @03:13PM   Printer-friendly
from the different-kind-of-bars dept.

MrPlow writes:

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.

Source: https://arstechnica.com/tech-policy/2018/09/man-who-swindled-9m-in-wannabe-bitcoin-ponzi-scheme-headed-to-prison/

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  • (Score: 0) by Anonymous Coward on Sunday September 16 2018, @05:12PM (1 child)

    by Anonymous Coward on Sunday September 16 2018, @05:12PM (#735695)

    same thing with speeding laws, at least in my state. they make speeding a criminal offense but don't provide a public defender(maybe because they know they are holding traffic court illegally to begin with, but that's another matter.) and private attorneys won't bother with traffic cases, unless maybe you're in a large city where they can appear for several clients in one day or something. so, you are left without representation. judges, DA's and cops are just criminals in costumes.

  • (Score: 4, Interesting) by PartTimeZombie on Sunday September 16 2018, @09:12PM

    by PartTimeZombie (4827) on Sunday September 16 2018, @09:12PM (#735742)

    If my sister gets a speed camera ticket, she always writes back to say she intends pleading not guilty, and could they please send her the maintenance records for the camera they used so that she can pass it on to her lawyer.

    100% of the time they withdraw the charge.

    Not in the US, so that might not be of any use to you, but it is interesting.