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Title: [2014-11-06] Reuters: Texan charged in first bitcoin securities fraud Ponzi case Post by: OleOle on November 06, 2014, 09:51:20 PM Texan charged in first bitcoin securities fraud Ponzi case "(Reuters) - A Texas man who operated Bitcoin Savings and Trust was charged on Thursday with bilking his investors, in what prosecutors called the first federal criminal securities fraud case arising from a bitcoin-related Ponzi scheme. Trendon Shavers, 32, of McKinney, Texas, was charged with misappropriating about 146,000 of the 764,000 bitcoin, then worth more than $4.5 million, that he raised from September 2011 to September 2012 by promising investors "absurdly high" interest rates, U.S. Attorney Preet Bharara in Manhattan said." http://www.reuters.com/article/2014/11/06/us-bitcoin-charges-idUSKBN0IQ21I20141106?feedType=RSS&feedName=technologyNews :-\ Title: Re: [2014-11-06] Reuters: Texan charged in first bitcoin securities fraud Ponzi case Post by: H.W.Z on November 07, 2014, 03:15:55 AM The users should get a warning about such ponzi scheme again. The scammers are alway promising higher interest rates and even interest rate can be paid every day. We should get away.
Title: Re: [2014-11-06] Reuters: Texan charged in first bitcoin securities fraud Ponzi case Post by: LiteCoinGuy on November 07, 2014, 07:02:02 AM http://www.coindesk.com/bitcoin-ponzi-schemer-charged-criminal-securities-fraud/
Each charge has a maximum penalty of 20 years with 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. Calling his scheme Bitcoin Savings and Trust (BTCST), Shavers promised a 7% return per week to potential investors. thats a long time :P Calling his scheme Bitcoin Savings and Trust (BTCST), Shavers promised a 7% return per week to potential investors. customers should be fined with 5 years ;D |