Bitcoin Ponzi Scheme Operator Pleads Not Guilty to Fraud
Bitcoin Savings & Trust (BS&T) operator Trendon Shavers has plead not guilty to fraud charges in a New York District court. If convicted, Shavers faces up to 40 years in prison, as well as millions of dollars in potential fines and penalties. Shavers is charged with one count of securities fraud and one count of wire fraud. The prosecution alleges that Shavers promised outsized returns to investors but in reality operated a Ponzi scheme by paying early investors with the proceeds from new ones. Shavers, who operated under the username pirateat40, solicited investors for BS&T during 2011....
Related News
Bitcoin Ponzi scheme perpetrator Trendon Shavers has plead guilty to securities fraud, a decision that reverses plea of not guilty submitted in March. Shavers faced up to 20 years in prison for defrauding investors out of an estimated $4.5m while operating Bitcoin Savings & Trust (BS&T). The investment scheme, which promised investors 7% returns on bitcoin market arbitrage activity in 2011 and 2012, became the object of a US Securities and Exchange Commission (SEC) inquiry in July 2013. According to a report by Bloomberg, Shavers will now serve anywhere from 33 months to 41 months 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 leader of a cryptocurrency scheme that swindled over $30 million from investors has pleaded guilty to fraud, the U.S. Department of Justice (DOJ) said. He now faces a maximum sentence of 20 years in prison. Leader of $30M Crypto Scheme Pleads Guilty to Fraud The U.S. Department of Justice (DOJ) announced Wednesday that Michael Ackerman has pleaded guilty to wire fraud. The Justice Department described that Ackerman is the leader of a “fake cryptocurrency investment scheme.” He “orchestrated a multimillion-dollar cryptocurrency investment scheme” and....
The head trader of a $100 million global cryptocurrency Ponzi scheme has pleaded guilty and is facing up to five years in prison, according to the U.S. Department of Justice (DOJ). “The defendants allegedly misappropriated large sums of investors’ money to lease a Lamborghini, shop at Tiffany & Co., make a payment on a second home, and more.” Empiresx’s Head Trader Pleads Guilty The U.S. Department of Justice (DOJ) announced Thursday that Joshua David Nicholas has pleaded guilty for his role as the “head trader” in a “global cryptocurrency....
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....