Josh Garza, CEO of GAW Miners and a handful of supporting company's has been ordered to pay almost $10 million for his fraudulent schemes which left thousands without their bitcoin (or paycoin) when the scheme imploded.
This coming after Garza's recent guilty plea in July for fraud and is just another nail in the coffin for Garza who will be sentenced on January 5th, 2018.
There's little love for Josh Garza in this industry and you can follow the turn of events on dinbits.com as they happened if you are unfamiliar with the rise, lies, and implosion that was GAW Miners.
The Fall of GAWThere was a point in time that Josh and company were in the black, seemingly doing rather well and believable enough to convince a large portion of the industry that Hashlet's were a realistic investment vehicle after selling millions worth of mining gear to folks.
Garza and his Hashlet's were confronted many times since the numbers simply didn't add up to which he responded with a customary over-fluffed communication that contained a few useful words indicating that he was actually full of shit and that Hashlet's were not 100% (if at all) a mining machine or software, but a combination of "investment channels" which likely was the first thing that caught the SEC's attention and who filed the suit leading to last weeks verdict.
However, the real kick in the ass was the concept of Paycoin. That's when folks really started calling "bullshit", dinbits.com included. Paycoin was supposed to do everything and be the answer to the worlds problem presented in a way that if successful would have you believe it may even defy the laws of physics.
The only defiance was GAW actually making good on any of the above, the apparent Ponzi scheme imploded in epic fashion as GAW came crumbing down paying out what seems to be only a few major investors on Paycoins first inbound cash hyped by it's own employees and supporters on a forum controlled by GAW while everywhere else, the skeptics were delivering more and more damning evidence.
By the time Josh was supposed to speak at the 2015 North American Bitcoin Conference (TNABC) things had gone from terrible to a mess from hell few on earth would choose over a receiving route canal while laying on bed of nails after waiving any all all pain killing medication and certainly no laughing gas.
Laughing gas is about the only thing that could have made the GAW situation remotely tolerable but they unfortunately don't sell that for bitcoin or without a prescription and the supervision of a doctor or dentist. It's unlikely to have helped much anyway.
This verdict may be a partial closure for some, the rest may consider the sentencing in January as such, but for most whereas a sense of justice may be realized, anything short of the return of their money just doesn't quite cut it.
Nevertheless, the news certainly doesn't suck ... except for Josh Garza.