June 22, 2017 1:06 PM ET

Technology Hardware, Storage and Peripherals

Company Overview of GAW Miners, LLC

Company Overview

GAW Miners, LLC manufactures, supplies, and sells hardware for the cryptocurrency industry in the United States, Canada, and internationally. The company offers Hashlet, a digital cloud miner; other miners; and various accessories for miners. It offers products online, as well as through resellers. The company was founded in 2014 and is based in Bloomfield, Connecticut. GAW Miners, LLC operates as a subsidiary of Geniuses At Work Corporation.

34 East Dudley Town Road

Bloomfield, CT 06002

United States

Founded in 2014



Key Executives for GAW Miners, LLC

Founder and Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief Technology Officer
Vice President and General Manager
Compensation as of Fiscal Year 2016.

GAW Miners, LLC Key Developments

Susman Godfrey and Izard, Kindall & Raabe File Class Action Lawsuit Against Homero Garza, Stuart Fraser, GAW Miners, LLC, and ZenMiner LLC

On June 15, 2016, a class action was filed against Homero Garza, Stuart Fraser, GAW Miners, LLC, and ZenMiner LLC in the U.S. District Court for the District of Connecticut. The action was filed on behalf of all persons or entities who, between June 1, 2014 and the present, purchased or acquired Hardware-Hosted Mining, Cloud-Hosted Mining, Hashlets, Hashpoints, Hashstakers, or Paycoins from GAW Miners, LLC and ZenMiner LLC. Plaintiffs' complaint asserts claims against defendants for alleged violations of Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5. Specifically, the complaint alleges that defendants made false and misleading statements and omitted material facts in connection with the sale of Hardware-Hosted Mining, Cloud-Hosted Mining, Hashlets, Hashpoints, Hashstakers, and Paycoins. In addition to federal securities law violations, plaintiffs also assert state law fraud claims and claims for alleged violations of the Connecticut Uniform Securities Act.

Securities and Exchange Commission Charges GAW Miners and ZenMiner and Founder with Conducting a Ponzi Scheme

The Securities and Exchange Commission charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors. According to the SEC's complaint filed in federal court in Connecticut, 'mining' for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency. The first computer or collection of computers to solve an equation is awarded new units of that virtual currency. The SEC alleges that Homero Joshua Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares of a digital Bitcoin mining operation. In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct, so most investors paid for a share of computing power that never existed. Returns paid to some investors came from proceeds generated from sales to other investors. According to the SEC's complaint: From August 2014 to December 2014, Garza and his companies sold $20 million worth of purported shares in a digital mining contract they called a Hashlet. More than 10,000 investors purchased Hashlets, which were touted as always profitable and never obsolete. Although Hashlets were depicted in GAW Miners' marketing materials as a physical product or piece of mining hardware, the promised contract purportedly entitled the investor to control a share of computing power that GAW Miners claimed to own and operate. Investors were misled to believe they would share in returns earned by the Bitcoin mining activities when in reality GAW Miners directed little or no computing power toward any mining activity. Because Garza and his companies sold far more computing power than they owned, they owed investors a daily return that was larger than any actual return they were making on their limited mining operations. Therefore, investors were simply paid back gradually over time under the mantra of 'returns' out of funds that Garza and his companies collected from other investors. Most Hashlet investors never recovered the full amount of their investments, and few made a profit. The SEC's complaint seeks permanent injunctive relief as well as the disgorgement of ill-gotten gains plus prejudgment interest and penalties.

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