October 5, 2017

Former Bloomfield cryptocurrency CEO hit with $9.9M judgment

Joshua Garza

A Connecticut federal judge has approved a $9.9 million civil judgment against the head of a former Bloomfield cryptocurrency business that defrauded customers out of millions of dollars.

U.S. District Court Judge Jeffrey A. Meyer approved the judgment on Wednesday against Joshua H. Garza, former CEO of the now defunct Gaw Miners, which was based in Bloomfield.

The judgment follows Garza's guilty plea to one count of wire fraud in a criminal case against him. He was found guilty of bilking investors out of $9.2 million as part of a scheme to attract investors for a virtual currency called Paycoin between May 2014 and Jan. 2016.

He will be sentenced next year and faces up to 20 years in prison.

Gaw and a related company, ZenMiner, were each ordered in May to pay $11.4 million.

Read more

Legal woes ensnarl Bloomfield cryptocurrency operator

Bloomfield virtual currency firm under SEC investigation

Bitcoin’s growing popularity stirs new business, wary regulators

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