Man Who Ran Bitcoin Ponzi Scheme Fined $40M

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....


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