The trial of the guys behind Paincoin, I mean Paycoin, has been set for February 2018. Josh Garza, of GAW Miners and ZenMiner, will go up against the Securities and Exchange Commission (SEC) for what is likely going to end up a complete and total slaughter of Garza.
The SEC "claims" GAW ran a Ponzi (Ponzi-Garza) scheme where investors were sold "mining contracts" without the actual miners.
There's really no claim to be claimed, Garza flat out admitted this at one point in a press release and everyone and their brother's half sister's best friend's cat knew this was the scheme behind the Ponzi-Garza front and their "cloud miners".
The SEC is also looking to virtual ban Garza from the virtual, currency industry all-together.
Now where can I go vote for that?
This is one of the many lawsuits against Garza but so far the most damaging if the SEC were to win. They'd have to really muck this one up to lose, but then again it is the government...just look at that whole EFT ridiculousness that just happened. Yeah ... same folks.