23 Jul '13, 7pm

Texas man charged with running $60M Bitcoin Ponzi scheme

Texas man charged with running $60M Bitcoin Ponzi scheme

The Securities and Exchange Commission has charged a Texas man with running a Ponzi scheme in which he raised “at least” 700,000 Bitcoin, worth $4.5 million at the time and more than $60 million today. This charge is the culmination of the SEC’s first investigation into Bitcoin fraud. Trendon T. Shavers promised “investors” a seven percent weekly interest rate, the SEC says , in order to entice their investments in the “Bitcoin Savings and Trust” bank, which was supposed to engage in Bitcoin market arbitrage — making money of the rising and falling of the value of the virtual currency. Instead, Bitcoin Savings and Trust was a sham and Shavers used Bitcoin from new investors to pay old investors, a classic Ponzi strategy. “Fraudsters are not beyond the reach of the SEC just because they use Bitcoin or another virtual currency to mislead investors and violate the federal sec...

Full article: http://venturebeat.com/2013/07/23/texas-man-charged-with-...

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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...

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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 accuses Texas man of running Bitcoin Ponzi scheme

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

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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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sec.gov 23 Jul '13, 4pm

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bloomberg.com 23 Jul '13, 5pm

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zerohedge.com 23 Jul '13, 4pm

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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...

Texas man charged with running a Bitcoin ponzi scheme duped investors: "It's growing, it's growing!"

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gawker.com 23 Jul '13, 7pm

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

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dailydot.com 23 Jul '13, 7pm

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