While Shrem, Ulbricht Enjoy Cults of Personality, Shavers Abandoned by Bitcoin Community

While Shrem, Ulbricht Enjoy Cults of Personality, Shavers Abandoned by Bitcoin Community

Trendon Shavers earned a lenient sentence through good faith efforts to right the wrongs he did while improperly managing the Bitcoin Savings & Trust, Bitcoin’s first federal securities case, according to his sentencing judge. That’s news the Bitcoin Community, which has long viewed Shavers as a no more than a fraudster, likely won’t heed. Bitcoin Savings & Trust, initially called First Pirate Savings & Trust, ultimately stripped investors of $4.5 million. Shavers faced 40 years in prison before a plea deal brought his maximum sentence to 41 months. Shavers’ $4.5 million ponzi....


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SEC Files Charges Against Bitcoin Ponzi Mastermind Trendon Shavers

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Man Who Ran Bitcoin Ponzi Scheme Fined $40M

Trendon Shavers, the man who the Securities and Exchange Commission (SEC) said was running a bitcoin Ponzi scheme, has been ordered to pay a $40 million dollar fine by U. S. Magistrate Judge Amos L. Mazzant for his founding of the "Bitcoin Savings and Trust (BTCST)" organization, which was nothing more than a scam for its users. From a complaint filed by the SEC last year (as noted by Inside Bitcoins): From at least September 2011 to September 2012, Shavers, operating under the Internet name "pirateat40," offered and sold BTCST investments over the Internet, raising more than 700,000 BTC....

Quotes

I think it’s rat poison.

Charlie Munger, Vice Chairman of Berkshire Hathaway