Bitcoin Ponzi Schemer Charged With Criminal Securities Fraud
Trendon Shavers, a Texas man who ran a scam investment scheme called Bitcoin Savings and Trust, has been arrested in his home state. The charges filed against Shavers today are one count of securities fraud and one of wire fraud, with each having a maximum penalty of 20 years and potential fines totaling upwards of $5m. Shavers, 32, has already been fined $40m by a federal judge in north Texas in a Securities and Exchange Commission (SEC) -related case. This arrest is for criminal charges of fraud brought by the US Attorney in Manhattan. Bitcoin Savings and Trust. By using the online....
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A 33-year-old Texan man pleaded guilty to running a Ponzi scheme involving bitcoins, making it the first ever U. S. criminal fraud case related to the cryptocurrency. Texas native Trendon Shavers has admitted to operating a Ponzi scheme running $4.5 million worth of bitcoins, Reuters reports. Shavers aka "pirateat40" while online, was arrested in November, a couple of months after being ordered to pay $40.7 million in a U. S. Securities and Exchange Commission civil lawsuit related to the Ponzi case. The case is a milestone, with prosecutors noting that it is the first U. S. criminal....
The first federal securities fraud case involving a bitcoin investment scheme has ended with perpetrator Trendon Shavers receiving a sentence of 18 months in prison. In addition, Shavers was assessed penalties including three years of supervised release, a $100 special assessment, $1.2m in forfeiture and $1.2m in restitution. The decision puts to rest a case that began in July 2013 when Shavers was charged with defrauding investors through an investment service called Bitcoin Savings and Trust (BCS&T), which was later deemed to be a fraudulent ponzi scheme. Shavers, who was charged....
In a landmark case involving the first-ever federal securities fraud involving bitcoin, a Texas man identified as the operator behind a Ponzi investment scheme has received a sentence of 18 months in prison. Trendon Shavers, aka “Pirate@40” was sentenced to 18 months in prison for the charge of one count securities fraud due to his bitcoin investment scheme operated as the Bitcoin Savings and Trust (BCS&T). Furthermore, the 33-year-old Texan also received 3 years of supervised release while being ordered to pay a little over $1.2 million in forfeiture and the same amount again in....
Bitcoin Savings & Trust (BS&T) operator Trendon Shavers, who has allegedly been operating a bitcoin scam and Ponzi scheme, has plead not guilty during his fraud trial in a New York District court. He is charged with one count of securities fraud and one count of wire fraud. Shavers could pay millions of dollars in fines and penalties, along with facing up to 40 years in prison if convicted. This marks Shavers' second trial in securities fraud, as he was previously found guilty of securities violations in September last year when he was ordered to pay 40 million dollars in fines. Bitcoin....
The United States Securities and Exchange Commission (SEC) has today charged Homero Josh Garza, founder of GAW Miners and ZenMiner with securities fraud and conducting a Ponzi scheme. According to a press release by the SEC, Garza is alleged by the SEC to carry out the fraud through his two Connecticut-based companies GAW Miners and ZenMiner by falsely claiming to produce bitcoin hashing power that GAW did not own. The complaint was filed in the U. S. District Court for the District of Connecticut today. An excerpt from the SEC charge read: In reality, GAW Miners and ZenMiner did not own....