SEC Files New Motion Against Alleged Ponzi Scheme GAW Miners
The US Securities and Exchange Commission (SEC) has filed a motion for entry of default in its ongoing case against the now-defunct cryptocurrency startup GAW Miners. The filing alleges GAW Miners and ZenMiner, two firms mentioned in the SEC’s suit filed last month, have failed to respond to an official complaint. Notably, the filing does not mention CEO Josh Garza, who was charged with securities fraud tied to the issuance of the firm's Hashlet mining contracts and the operation of a Ponzi scheme after a months-long investigation ended in December. The SEC's case against GAW came months....
Related News
The US Securities and Exchange Commission (SEC) filed fraud charges against the operator of an alleged digital currency Ponzi scheme. The US regulator also froze the assets of individuals connected with this purported scam. According to the SEC press release, California resident Steve Chen and 13 California-based entities, including the US Fine Investment Arts, Inc (USFIA), are at the center of the alleged scheme. The complaint filed in the federal court in Los Angeles indicated that USFIA and Chen's other entities have raised more than $32 million from investors in and outside the U. S.....
The masterminds behind the alleged cryptocurrency Ponzi scheme called Bitstream Circle are believed to have stolen more than $10 million in investor funds. The alleged theft became apparent on March 13, 2022, when some of the scheme’s investors encountered problems making withdrawals. Withdrawals Blocked Reports from Kenya have said investors in an alleged crypto Ponzi scheme, Bitstream Circle, are now unable to withdraw funds following the scheme’s collapse. The reports add that the scheme’s masterminds may have made off with investors’ digital assets that are....
Three companies allegedly running a large-scale cryptocurrency Ponzi scheme are being investigated by Indian police. The scheme promises extraordinary returns to investors. The police have registered a case against the alleged CEO of the companies. Large-Scale Indian Crypto Ponzi Scheme Indian police are reportedly investigating three Bengaluru-based companies over a cryptocurrency investment scheme that has lured investors from all over India. The companies are Long Reach Global, Long Reach Technologies, and Morris Trading Solutions. They are allegedly connected to “a multi-crore....
A South African regulator along with the country’s police have reportedly seized electronics devices and computers belonging to two principal members of Mirror Trading International (MTI), an alleged bitcoin Ponzi scheme. The raid at Clynton and Cheri Marks’ home on October 26 was conducted by Financial Sector Conduct Authority (FSCA) officials who are looking for proof of trades and bitcoin balances. MTI Remains Defiant The raid comes after the South African regulator previously advised MTI clients to withdraw funds after determining that the company did not have the required....
The United States Securities and Exchange Commission (SEC) has today charged Homero Josh Garza, founder of GAW Miners and ZenMiner with securities fraud and conducting a Ponzi scheme. According to a press release by the SEC, Garza is alleged by the SEC to carry out the fraud through his two Connecticut-based companies GAW Miners and ZenMiner by falsely claiming to produce bitcoin hashing power that GAW did not own. The complaint was filed in the U. S. District Court for the District of Connecticut today. An excerpt from the SEC charge read: In reality, GAW Miners and ZenMiner did not own....