Fake-cryptocurrency Ponzi scheme lands creator in prison

This post is by Cyrus Farivar from Ars Technica

Click here to view on the original site: Original Post

Article intro image

Enlarge (credit: Yu Chun Christopher Wong/S3studio/Getty Images)

A man who federal authorities said ran a fake cryptocurrency Ponzi scheme, and who 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 over $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.

Read 15 remaining paragraphs | Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.