Virtual Currency 'Miners' Ordered to Pay $12.4 Million
A Ponzi scheme involving online currency has come to a crashing halt with two Connecticut technology companies hit with a $12.4 million default judgment.
June 20, 2017 at 10:42 AM
4 minute read
A Ponzi scheme involving online currency has come to a crashing halt with two Connecticut technology companies hit with a $12.4 million default judgment.
U.S. District Judge Jeffrey Meyer of the District of Connecticut has ruled that GAW Miners and ZenMiner, both of which did not defend themselves in a lawsuit from the U.S. Securities and Exchange Commission, need to pay the sum to the federal government.
The judgment includes $10.1 million in disgorged profits and interest of $305,768 for which the companies are jointly and severally liable. Both companies were ordered to pay a civil penalty of $1 million each.
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