Bitcoin Ponzi Scheme Operator Sentenced to 18 Months in Prison

Bitcoin Ponzi Scheme Operator Sentenced to 18 Months in Prison

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....


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