Homero Joshua Garza is known as the CEO of a cryptocurrency firm GAW Miners. He is sentenced for 21 months of imprisoning for defrauding investors.
The verdict was announced in the Hartford federal court, for a wire fraud related to creating and scamcoin, PayCoin.
The initial suggestions were to imprison the former CEO for 20 years, however, Garza will go to prison on the 4th of January 2019 and will be released in 2021, including six months in home detention.
In addition to the imprisonment time, the guy will have to pay 9.2 million usd as a resolution to investors, this is just an approximated damage caused by the scam.
GAW Miners was founded in 2014, it was a firm that was specializing in manufacturing, supplying and selling special supposedly highly efficient hardware for cryptocurrency mining. The company stopped its activity in 2015 due to the accusations that it was a Ponzi scheme, and further, in 2016, a lawsuit followed.