23 Jul '13, 5pm

SEC accuses Texas man of running Bitcoin Ponzi scheme

SEC accuses Texas man of running Bitcoin Ponzi scheme

A Texas man is in trouble with the feds for allegedly ripping off investors via a Bitcoin-inspired Ponzi scheme. The SEC announced on Tuesday that it has charged Trendon Shavers, the founder and operator of Bitcoin Savings and Trust, with several violations of federal law. Shavers reportedly raised at least 700,000 Bitcoin in investments through his company in 2011 and 2012. At that time, his Bitcoin investments were worth $4.5 million. Today, they're worth more than $60 million. The government accuses Shavers of generating all that money by promising investors 7 percent in interest each week for buying Bitcoin "off the radar" or in large amounts. But in actuality, says the SEC, Shaver was running a Ponzi scheme in which he used Bitcoin from his new investors to cover interest payments and withdrawals on outstanding investments. Further, Shavers allegedly used the Bitcoin ...

Full article: http://news.cnet.com/8301-1023_3-57595086-93/sec-accuses-...

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SEC accuses Texas man of running Bitcoin Ponzi ...

news.cnet.com 23 Jul '13, 5pm

A Texas man is in trouble with the feds for allegedly ripping off investors via a Bitcoin-inspired Ponzi scheme. The SEC a...

SEC charges Texas man with running Bitcoin Ponz...

cnbc.com 23 Jul '13, 5pm

WASHINGTON, July 23 (Reuters) - U.S. securities regulators on Tuesday charged a Texas man with running a Ponzi scheme by o...

SEC Charges Texas Man With Running Bitcoin Ponz...

businessinsider.com 23 Jul '13, 4pm

The SEC alleges that Trendon T. Shavers, the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold B...

SEC charges Texas man with running Bitcoin Ponz...

pcworld.com 24 Jul '13, 2am

A Texas man was charged on Tuesday in U.S. federal court with allegedly running a Bitcoin Ponzi scheme, allegedly siphonin...

SEC Charges Texas Man With Running Bitcoin-Deno...

sec.gov 23 Jul '13, 4pm

Washington D.C., July 23, 2013 — The Securities and Exchange Commission today charged a Texas man and his company with def...

Texas man charged with running $60M Bitcoin Ponzi scheme

Texas man charged with running $60M Bitcoin Pon...

venturebeat.com 23 Jul '13, 7pm

The Securities and Exchange Commission has charged a Texas man with running a Ponzi scheme in which he raised “at least” 7...

Bitcoin Ponzi Scheme Alleged by SEC in Lawsuit Against Texas Man

Bitcoin Ponzi Scheme Alleged by SEC in Lawsuit ...

bloomberg.com 23 Jul '13, 5pm

The U.S. Securities and Exchange Commission sued a Texas man over claims he operated a Ponzi scheme involving Bitcoin, the...

Bitcoin used in Ponzi scheme, SEC says

investmentnews.com 23 Jul '13, 8pm

The Securities and Exchange Commission today filed its first investor fraud lawsuit involving the popular virtual currency...

Texas man raised over $4.5M in Bitcoin Ponzi sc...

arstechnica.com 23 Jul '13, 6pm

If you don’t follow the often-shady world of Bitcoin , you may not be familiar with Bitcoin Savings and Trust (BTCST), a v...

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wired.com 23 Jul '13, 9pm

In retrospect, the tagline on his Bitcoin Forum profile should have been a giveaway: The icon was a peg-legged pirate skel...

SEC Says Man Named ‘The Pirate’ Was — Surprise!...

wired.com 23 Jul '13, 11pm

In retrospect, the tagline on his Bitcoin Forum profile should have been a giveaway: The icon was a peg-legged pirate skel...

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entrepreneur.com 23 Jul '13, 9pm

In addition to the lawsuit, the SEC sent out an investor alert, warning about online fraud scams tied to Bitcoin. The agen...

Bitconned: SEC busts alleged Bitcoin Ponzi scheme

money.cnn.com 23 Jul '13, 7pm

Physical bitcoins minted by a software engineer earlier this year. NEW YORK (CNNMoney) Add another entry to the list of mi...

Bitconned: SEC busts alleged Bitcoin Ponzi scheme

money.cnn.com 23 Jul '13, 7pm

Physical bitcoins minted by a software engineer earlier this year. NEW YORK (CNNMoney) Add another entry to the list of mi...

Texan Charged In Bitcoin-Denominated Ponzi Scheme

zerohedge.com 23 Jul '13, 4pm

SEC Charges Texas Man With Running Bitcoin-Denominated Ponzi Scheme The Securities and Exchange Commission today charged a...