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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: 1, Insightful) by Anonymous Coward on Sunday September 16 2018, @05:01PM (1 child)

    by Anonymous Coward on Sunday September 16 2018, @05:01PM (#735693)

    now go get every banker and throw their asses in a hole. or are you just mercenaries? they run a con every day with the blessing from the rest of the thieves in government. when you are allowed to print money, and devalue the currency you loaned to people, while you charge them interest on the loan, you are engaged in theft.

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  • (Score: 3, Interesting) by Runaway1956 on Sunday September 16 2018, @11:23PM

    by Runaway1956 (2926) on Sunday September 16 2018, @11:23PM (#735768) Homepage Journal

    Well, let's just try to pretend that the Federal Reserve isn't a scam to begin with. If we were to suppose that bankers weren't thieves by definition, then WTF did we bail them out when they crashed? I mean - we agreed for a moment that they weren't thieves by definition, right? But, they still managed to steal billions in bailout money - and to appropriate huge parts of that for "bonuses" for the crookedest among them.

    Every bank in danger of failing should have been allowed to fail. Every single one of them.

    --
    Abortion is the number one killed of children in the United States.