23 Jul '13, 7pm

Bitconned: SEC busts alleged Bitcoin Ponzi scheme

Physical bitcoins minted by a software engineer earlier this year. NEW YORK (CNNMoney) Add another entry to the list of milestones digital currency Bitcoin has reached this year: its first Ponzi-scheme case. The Securities and Exchange Commission announced charges Tuesday against a Texas man for allegedly defrauding investors using Bitcoin. The SEC says 30-year-old Trendon Shavers of McKinney, Tx., took to the Internet to raise more than 700,000 bitcoins from investors between September 2011 and September 2012, a sum worth about $4.6 million based on the average daily value of the digital currency during that period. According to the complaint, Shavers promised investors up to 7% in interest per week, but in fact was using funds from new investors to pay out the promised returns. He is also accused of converting roughly $147,000 worth of bitcoins to cover personal expenses...

Full article: http://money.cnn.com/2013/07/23/investing/bitcoin-ponzi-s...

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Bitconned: SEC busts alleged Bitcoin Ponzi scheme

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

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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...

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