Creators of Bitcoin Miners Face $12 Million Fine for 'Ponzi Scheme' Scam

Bitcoin is one of popular Ponzi scheme in the world at the moment and it has made some people very rich as the value of Bitcoin continues increasing. As of today, the value of Bitcoin is 2818.70 US Dollar. You cannsee how much people are currently making from this business but few unscrupulous elements have used it to achieve their evil aims.

However, a lot of scammers are in the business right now scamming unsuspecting investors. Yes, the Bitcoin boom is back, and it's real — a digital currency that has just crossed a new milestone today. An American con man took advantage of this boom in Bitcoin market to run bogus bitcoin mining schemes and earn millions of dollars.

But the bogus schemes ended as the United States Securities and Exchange Commission (SEC) has won a legal battle against two bogus, but now defunct, Bitcoin companies operated by Homero Joshua Garza — GAW Miners and ZenMiner.
Garza is now facing a $12 Million (£9.2 Million) penalty for running the bogus schemes – what lawmakers have certified was a "Ponzi scheme."

According to the SEC, Garza used the "lure of quick riches" in order to get people to invest in the bitcoin mining schemes, which means those who add their computing power to help verify transactions, a practice known as mining, are rewarded with Bitcoins.

Information reveals that Garza's GAW Miners and ZenMiner purported to provide shares in cloud-based Bitcoin mining machinery, but nothing like that was ever built by the operator.

Garza told investors that he had enough computing power to mine a lot of bitcoins on their behalf and share the proceeds, but in reality, he just used cash from new investors to reward earlier joiners, which is nothing but a fraudulent "ponzi" scheme, according to the SEC.

The SEC said: "Most investors paid for a share of computing power that never existed." It also said that about 10,000 investors joined the bogus schemes and handed over $20 Million to Garza.
Few got back their money they invested, but many left without a single penny.

The complaint against the Bitcoin mining schemes was filed on 1 December 2015, and on June 2, the US District of Connecticut federal court sided with the SEC, ordering both GAW Miners and ZenMiner to pay a combined of $10,384,099 in disgorgement and prejudgment interest, along with $1,000,000 in damages.
Both GAW Miners and ZenMiner companies have now been shut down.

However, a ruling is yet to be made on the Bitcoin funds collected by Garza. In 2014, when Garza was running the bogus schemes from his home in Connecticut, 1 BTC was equal to $450, and today it is around $2,800.

So, the $20 Million funds Garza took from the investors today worth around $150 million.

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Wealth Mason Partners Review – Legit Or Scam?

Have you been paying attention to the fast rising Business opportunity from Wealth Mason Partners? If you told me someone had pitched the opportunity to you lately, this wouldn’t surprise me. It’s making all the rounds on social media lately. Next, I want to tell you is that I like the Business Model and I am affiliated to it.

Read all about it in my Wealth Mason Partners review so you can learn the full truth!
Does it deliver on the promises in the marketing materials? Yes! And you can confirm from the member area. Let’s carry on.

Wealth Mason Partners Review – The Product Line-up

In the product area, you will be able to access different ebooks that will help anyone develop understanding about how bitcoin works.

My Favorite Title : BITCOIN – How To Trade For Serious Profit

Wealth Mason Partners Review – The Compensation Plan

The Wealth Mason Partners compensation plan is all about gifting Bitcoin. Affiliate joining are place at the top of a unilevel structure, which means they can recruit as many affiliates as they can. These personally recruited affiliates become their Level 1.

If these Level 1 Affiliates go on to recruit affiliates, these new affiliate become the Level 2 of the original affiliate. In the same way, the affiliate gains Level 3 affiliates when the Level 2 affiliates recruits new affiliates. This process continues to a theoretical infinite number of levels.

So this is how this scheme works …

If you were to sign up, you would first have to gift Bitcoin 0.006 BTC to your four upline affiliates. That’s the affiliate who recruited you, the affiliate who created the affiliate who recruited you, the next affiliate up from that, and the one above that.

By doing this you are now eligible to receive payments down four levels of affiliates (to your Level 4)

How WealthMasonPartners Work Simplied

You will simply receive a steady stream of bitcoin payments, and because there are no more levels to upgrade, you will keep what you earn instead of having to spend all your earnings to move up to new levels. Earnings are unlimited as you will earn from everyone that joins below you unlimited wide and 4 levels deep. This is a truly revolutionary and groundbreaking system.


Donate 0.027 BTC, 0.006 each goes to your 4 upliner, and this enables you to earn at 4th Level.

A customized website like this will be generated for you, and which enables you earn 0.006 at 4th,3rd,2nd,1st level for each new person you refer.


For example:

When *Smith* joins through you,

*From Smith you earn* => *Level 4* + *Level 3* + *Level 2* + *Level 1* = 0.024BTC = *N12,480*

When *Mary* joins through you,

*From Mary you earn* => *Level 4* + *Level 3* + *Level 2* + *Level 1* = 0.024BTC = *N12,480*

When *Sandra* joins through you,

From Sandra you earn* => *Level 4* + *Level 3* + *Level 2* + *Level 1* = 0.024BTC = *N12,480*

When *Steve* joins through you,

*From Steve you earn* => *Level 4* + *Level 3* + *Level 2* + *Level 1* = 0.024BTC = *N12,480*

Since you will keep what you earn instead of having to spend all your earnings to move up to new levels, or paying monthly to re-subscribe to the level you are after 30Day. If 4 People is what you can get a Month *(30days)*. You will earn Extra *N49,920* Monthly, and you keep all, since there is no need to pay to ungrade to Next Level, or re-subscribe to the level you are.

*If what you can do is 1 person Monthly henceforth:*

When *Smith* joins through you,

*From 1 Person you earn* => *Level 4* + *Level 3* + *Level 2* + *Level 1* = 0.024BTC = *N12,480*

*If what you can do is 2 person Monthly henceforth:*

*From 2 Persons you earn* => *Level 4* + *Level 3* + *Level 2* + *Level 1* = 0.024BTC = *N24,960*

*However…*

*If what you can do is 10 persons Monthly henceforth:*

*From 10 Persons you earn* => *Level 4* + *Level 3* + *Level 2* + *Level 1* = 0.024BTC =

*N124,800*

How much is it to join Wealth Mason Partners?

To get yourself started you would be looking at a 0.003 membership fee plus the four gifting payments mentioned

above of 0.006 BTC. That’s a total of 0.027 BTC or $25 USD at the time of writing this.

Wealth Mason Partners Review – The Conclusion

I hope you are finding the information in my Wealth Mason Partners Review helpful?

Some of the other reviews I saw had very little details, so I am hoping I gave you everything you need here.

HOW TO JOIN
If you need to know more about this business including the video guides, more explanation and how to join, click Signup and Register for Wealth Mason

Feel free to make comments here and seek support on how to make success out of this.

DISCLAIMER: This is a sponsored article on Ponzi Scheme and I, Wizy and everyone on this blog won't be held responsible for the outcome of this; be it positive or negative. This kind of business has benefited many people and at the same time failed few. So it's left for you to decide. 

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Reliance Wealth is The Latest Ponzi Scheme, See How It Works

Reliance Wealth is the latest working Ponzi Scheme and the best in town. It's new and transparent as it's designed in a unique and secured way for all participants to enjoy and make money.

✳ RELIANCE WEALTH has come to stay as we are not interested in HIT and RUN... If you have the intention to hit and run, please don't register

HOW IT WORKS
We engage in a "peer to peer system of payment" where you pay directly to a member in the system. This facilitates quick payments.

✳ AVAILABLE PACKAGES
✔️ N5k to get 10k
✔️ N10K to get N20K
✔️ N20K to get N40K
✔️ N50K to get N100K

✳ MATCHING SYSTEM
As soon as you pay as a downline and confirmed, our system automatically turn you to a sponsor in which you get downlines to pay you immediately.
The system will auto merge people which may be from different or same package with you to pay to the tuns of expected amount.

✳ REFERRAL COMMISSION
No refferal commissionyou get your money with or without referring others..but its important to refer others for d growth of the community

✳ REPORT SCAM
We don't tolerate scam actions. Report any fraudster / fraudulent acts to our 24/7 online support.

✳ PAYMENT WINDOW
The payment window is open for 24 hours only after which a member who hasn't paid will be blocked.
There is also "reject payment" to report/prove any anomalies noticed from donor

✳ ACTIVE SUPPORT SYSTEM
What makes RELIANCE WEALTH very unique and superior is that their support team are always Online (24/7) and very ready to hear you out and resolve issues swiftly
But, don't misuse it.

Now is the time to Take Advantage and recover all that you have lost. Log on to
WWW.reliancewealth.org
And you will be glad you did.

HOW TO PARTICIPATE

To participate in Reliance Wealth, login to the website Here and you are to donate the sum of ₦5,000 to a Reliance Wealth member to get ₦10,000, ₦10000 to ₦20,000 , ₦20,000 to ₦40,000 and ₦50,000 to ₦100,000 within 24hrs and after making the payment of your selected package, whom you paid will then confirm your payment and system will automatically assign two(2) other registered persons to pay you within 24hrs.

After you have received payment from 2 members, the system will automatically EXIT you and allows unlimited participation.

All donations are made directly to members bank account. Share Reliance Wealth to people and make the world a better place. 

Reliance Wealth has stopped sending Messages to participants. Please discard any message bearing Reliance Wealth. They are from hackers that wants to ruin your account. 

Reliance Wealth will never suspend your account for using your personal password in your account. If we need you to change your password or to do anything about your account, we will send you an Internal mail with info@reliancewealth.org. Please be careful. Copy and Hide your activation codes. Without it, they cant activate themselves. Send all suspicious activation to info@reliancewealth.org and we are sure to respond ASAP.

Note this article is a sponsored post on Ponzi Scheme, note that this type of business is all about risk taking; some have become millionaires from it while some are counting their losses so we at wizytechs.com won't be held responsible for anything that happens thereafter, whether good or bad!

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