Bitcoin Ponzi Schemer Gets 18 Months in Prison

Bitcoin Ponzi Schemer Gets 18 Months in Prison

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 “[email protected]” 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....


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Bitcoin Fraudster Receives 18-Month Prison Time

Trendon Shavers, the person convicted of operating a Bitcoin Ponzi scheme through Bitcoin Savings & Trust receives 18 month prison sentence. The person behind the first ever Bitcoin securities fraud in the United States is going to spend the next 18 months in prison. Trendon Shavers, the founder of Bitcoin Savings and Trust, a proven ponzi company, was convicted for luring people into investing 764,000 bitcoins (~$4.5 million at the time of investment) with the promise of 7% weekly returns. He later disappeared with the raised sum, reportedly spending it to pay early investors, and for....