23 Jul '13, 11pm

SEC brings charges as first-ever Bitcoin Ponzi scheme unravels:

SEC brings charges as first-ever Bitcoin Ponzi scheme unravels:

SEC brings charges as first-ever Bitcoin Ponzi scheme unravels Get short URL Published time: July 23, 2013 23:36 Tags Court , Internet , Law , USA Bitcoin, the virtual currency that has been gaining momentum in recent years, now seems to have reached the dubious milestone of its first Ponzi scheme, following charges filed by the US Securities and Exchange Commission in Texas. On Tuesday the SEC announced it was charging Trendon Shavers of McKinney, Texas for allegedly defrauding investors he had lured into the Bitcoin market with promises of up to 7% interest per week. Shavers was able to raise over 700,000 bitcoins in the period between September 2011 and September 2012, a sum worth some $4.6 million based on the digital currency’s value at the time. According to the SEC complaint, Shavers was actually using funds from new investors to pay out promised returns to those al...

Full article: http://rt.com/usa/sec-first-ponzi-scheme-bitcoin-497/

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