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Author Topic: CEO Behind GAW Miners, PayCoin Ponzi Scheme Sentenced to 21 Months in Prison  (Read 85 times)

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Homero Joshua Garza, the CEO of the now-defunct U.S. crypto firm GAW Miners, has been sentenced to 21 months in prison for defrauding investors, local news agency Hartford Business reports Thursday, September 13.

Garza received the verdict in the Hartford federal court, following his guilty plea to a wire fraud charge related to creating and selling a scamcoin dubbed PayCoin (XPY).

Instead of serving the original 20 year sentence, Garza will report to prison on January 4, 2019 and be jailed until 2021, with an additional three years of supervised release, including six months in home detention.

In addition to prison time, the former CEO of GAW Miners will have to repay a $9.2 million restitution to investors, which is the approximate amount of financial damage wrought by the nine-month crypto scam.

Readmore: https://cointelegraph.com/news/ceo-behind-gaw-miners-paycoin-ponzi-scheme-sentenced-to-21-months-in-prison

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