23 Jul '13, 11pm

SEC Says Man Named ‘The Pirate’ Was — Surprise! — Running Bitcoin Ponzi Scheme

In retrospect, the tagline on his Bitcoin Forum profile should have been a giveaway: The icon was a peg-legged pirate skeleton with a parrot on its shoulder. The quote: “Yes I am a pirate, 200 years too late.” On Tuesday, the Securities and Exchange Commission (SEC) charged Trendon Shavers, a.k.a. Pirateat40, with operating a 700,000 Bitcoin Ponzi scheme. At today’s prices that would represent more than $65 million, but the company that Shavers operated — Bitcoin Savings and Trust — went belly up a year ago. Back then, the Bitcoins would have been worth about $5 million. According to the SEC, Shavers, 30, managed to get 700,467 Bitcoins from investors by posting on discussion forums and offering an astounding return on investment — 1 percent per day. He said that he grossed over 10 percent per week by trading Bitcoins with “groups of people that want to be off the radar, b...

Full article: http://www.wired.com/wiredenterprise/2013/07/sec-says-man...

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