The sentencing of cryptocurrency scammer Josh Garza could be delayed until January 2018. The infamous Garza was arrested in early 2017 and was scheduled for sentencing in October 2017.
Reports indicate that this delay was requested by both the prosecution and defense, due to the scheduling obligations of counsel. The court, however, still must approve the motion.
Garza’s alleged crimes
Garza is among the most hated personalities in the cryptocurrency market. He has pled guilty to scamming investors. His modus operandi was creating cryptocurrency platforms or companies, attracting customers or investors, and then declaring bankruptcy.
Among the firms established by Garza were PayCoin, ZenMiner, ZenCloud, and GAW Miners. All of these firms declared bankruptcy in 2015. Authorities claim that Garza stole more than $9 mln from those who invested in his companies.
Garza is also facing charges filed by the US Securities and Exchange Commission (SEC) in which he was charged with securities fraud. Those charges stem from actions taken by Garza with respect to his companies GAW Miners and ZenMiner.
Garza has already pleaded guilty to all charges filed against him. He could face up to 20 years in prison for his crimes. What is not yet clear is whether Garza will be ordered to pay restitution.
The possible postponement of sentencing is expected to prolong the agony of the victims of Garza’s scams. Given this, it will be interesting to see how the court will rule on the proposed rescheduling.
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