23 Jul '13, 6pm

Texas man raised over $4.5M in Bitcoin Ponzi scheme, feds allege

If you don’t follow the often-shady world of Bitcoin , you may not be familiar with Bitcoin Savings and Trust (BTCST), a virtual bitcoin-based hedge fund that many suspected of being a scam. BTCST shut down in August 2012, and on Wednesday the Securities and Exchange Commission (SEC) formally charged its founder, Trendon Shavers, with running a Ponzi scheme. In a statement , the SEC said 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.” The government's financial regulator alleges that Shavers violated a number of federal financial regulations. In court documents , the SEC wrote: Shavers falsely promised investors up to 7 percent interest weekly based on BTCST’s purported BTC market arbitrage activity, including selling B...

Full article: http://arstechnica.com/tech-policy/2013/07/texas-man-rais...

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