23 Jul '13, 5pm

Bitcoin Ponzi Scheme Alleged by SEC in Lawsuit Against Texas Man

Bitcoin Ponzi Scheme Alleged by SEC in Lawsuit Against Texas Man

The U.S. Securities and Exchange Commission sued a Texas man over claims he operated a Ponzi scheme involving Bitcoin, the virtual currency that has recently attracted investors including Tyler and Cameron Winklevoss. Trendon T. Shavers raised at least 700,000 Bitcoin starting no later than September 2011 through his firm Bitcoin Savings and Trust and improperly used currency from new investors to cover investor withdrawals, the SEC said in a complaint filed today in federal court in Texas. Shavers falsely promised investors as much as 7 percent interest weekly on purported trades, including selling the online currency to individuals who wished to buy it “off the radar,” quickly or in large quantities, the SEC said. Shavers also misappropriated investors’ funds for his personal use, according to the complaint. “Fraudsters are not beyond the reach of the SEC just because th...

Full article: http://www.bloomberg.com/news/2013-07-23/bitcoin-ponzi-sc...

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SEC Charges Texas Man With Running Bitcoin Ponz...

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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...

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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...

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

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 accuses Texas man of running Bitcoin Ponzi scheme

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...

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

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

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Texas man charged with running $60M Bitcoin Ponzi scheme

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venturebeat.com 23 Jul '13, 7pm

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guardian.co.uk 24 Jul '13, 11am

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