Josh Garza is one of the more hated people in all of Bitcoin and cryptocurrency. His numerous scams have included PayCoin, GAW Miners, ZenMiner, and ZenCloud. Everyone knew it would only be a matter of time until all of those companies suddenly disappeared. After a thorough investigation, law enforcement officials finally arrested Garza earlier this year. His sentencing, however, may not occur later this year as originally planned. That is not the news most had hoped for.
Josh Garza Sentencing Potentially Delayed
Many cryptocurrency enthusiasts were relieved when Josh Garza was arrested earlier this year. The notorious scam artist has made many people angry by taking their money and disappearing. After successfully launching PayCoin, GAW Miners, and ZenMiner a few years ago, all of those companies suddenly declared bankruptcy in 2015. Truth be told, it was only a matter of time until that happened as everyone could see all of those companies were scams.
It turns out Josh Garza successfully stole over US$9 million combined from customers of all those platforms. He has since pleaded guilty to the charges filed against him. There was no reason for him not to do so, but it was still pretty surprising. Pleading guilty to the charges could result in a jail sentence of up to 20 years for Garza. We will know his fate for sure once his sentencing takes place.
That sentencing had originally been set for October. Many people had been looking forward to closing this chapter in their lives at that time. Unfortunately, it appears they may now have to wait a few months longer, as Garza and the prosecutor are looking to delay sentencing by another six months at most. That is not the news victims of GAW Miners, ZenMiner, and PayCoin wanted.
According to reports, that request was made by both parties due to scheduling obligations of counsel. For now, the newly proposed time frame would postpone sentencing to January of 2018. It is unclear if the change will be granted, since it is up to the local court. Joint requests from both parties such as this one rarely get denied, as it seems both sides need additional time to prepare their respective cases. People who are hoping to get their money back sooner rather than later would prefer to see this motion denied.
This has nothing to do with the SEC court case against Josh Garza, which is still ongoing. That particular case revolves around Garza having committed securities fraud. It is evident that all of his illegal operations have finally caught up with him and that justice for him will be served. Ensuring customers get their money back will be something else entirely. Even though there is clear evidence that US$9,182,000 has been stolen from customers, it is unclear whether that money is still in Garza’s possession right now.
This will not be the last we hear of the Josh Garza court cases. There will be some major repercussions for the scams he successfully pulled off. For now, the motion to postpone sentencing has not yet been approved. It is unclear when we will be hearing the final verdict regarding this request. We will keep an eye on the situation and update this article accordingly.