Ex-Boss Of Crypto Cos. Gets Nearly 2 Years For $9M Fraud

Law360 (September 13, 2018, 9:28 PM EDT) -- The founder of multiple Connecticut-based cryptocurrency mining companies was sentenced Thursday to just under two years in prison for defrauding hundreds of investors out of over $9 million via a multi-phased Ponzi scheme involving the purported generation of virtual currency.

Homero Joshua Garza, 33, formerly of Somers, Connecticut, was sentenced by U.S. District Judge Robert N. Chatigny to 21 months in prison followed by six months of home confinement, for scamming investors in his cryptocurrency mining operation that relied on computing power that largely didn't exist. Judge Chatigny further ordered Garza to pay almost $9.2 million in restitution. 

Garza and his cryptocurrency...

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