23 Jul '13, 4pm

SEC Charges Texas Man With Running Bitcoin-Denominated Ponzi Scheme

Washington D.C., July 23, 2013 — The Securities and Exchange Commission today charged a Texas man and his company with defrauding investors in a Ponzi scheme involving Bitcoin, a virtual currency traded on online exchanges for conventional currencies like the U.S. dollar or used to purchase goods or services online. The SEC alleges that Trendon T. Shavers, who is the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments through the Internet using the monikers “Pirate ” and “pirateat40 .” Shavers raised at least 700,000 Bitcoin in BTCST investments, which amounted to more than $4.5 million based on the average price of Bitcoin in 2011 and 2012 when the investments were offered and sold. Today the value of 700,000 Bitcoin exceeds $60 million. The SEC alleges that Shavers promised investors up to 7 percent weekly interest ...

Full article: http://www.sec.gov/News/PressRelease/Detail/PressRelease/...

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