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Title: SEC finally charges pirateat40 aka Trendon Shavers Post by: thebaron on July 23, 2013, 04:40:53 PM "SEC Charges Texas Man With Running Bitcoin-Denominated Ponzi Scheme"
https://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539730583#.Ue6xztK87_l Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: drrussellshane on July 23, 2013, 04:54:10 PM well, well, well.
Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: streblo on July 23, 2013, 05:42:34 PM Is there a precedent for the victims being able to recoup any of their money during these sorts of things?
Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: drawingthesun on July 23, 2013, 05:58:37 PM Is there a precedent for the victims being able to recoup any of their money during these sorts of things? It sounds like Shavers lost all the money day trading..... Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: MSantori on July 23, 2013, 06:01:26 PM For better or for worse, this has already gained traction in the Securities forum:
https://bitcointalk.org/index.php?topic=261235.new#new Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: jaydenM on July 24, 2013, 03:43:48 AM Just read this one today,that he uses forums for advertising his Bitcoin savings and trust. It seems that SEC will be watching all of the Bitcoin Holder
Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: worldinacoin on July 24, 2013, 03:50:04 AM Well he was notorious here, and he isn't really helping our cause but getting SEC examining us under a microscope :(
Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: CoinHoarder on July 24, 2013, 04:34:16 AM SEC examining us under a microscope :( Shit's about to get real. Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: NewLiberty on July 24, 2013, 10:37:42 AM Is there a precedent for the victims being able to recoup any of their money during these sorts of things? Yes, if there is anything left it goes to victims.There is also precedent for clawing back payments he made to insiders/friends to re-compensate victims. To the extent that evidence in the block chain can assist justice for the victims, this case can highlight the transparency aspects of Bitcoin as well as the anonymity. Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: prophetx on July 24, 2013, 05:32:26 PM i wonder what this means for all those "pass through" shares.... you know little things like brokers needing to send out 1099-Div and file with IRS.... i see more blood in the water soon...
Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: sunnankar on August 09, 2013, 04:35:33 PM you know little things like brokers needing to send out 1099-Div and file with IRS.... i see more blood in the water soon... Actually, what could be more blood in the water would be if investors decide to take a deduction for the bad debt expense. From the IRS website (http://www.irs.gov/taxtopics/tc431.html): Quote In general, if you are liable for a debt that is canceled, forgiven, or discharged, you will receive a Form 1099-C (PDF), Cancellation of Debt, and must include the canceled amount in gross income unless you meet an exclusion or exception. Assuming it resulted in a large enough tax obligation for Trendon then he ought to be careful of a sneaky paragraph in Section 40304 of the 2013 highway funding bill "Moving Ahead for Progress in the 21st Century Act." Section 40304 of this act would revoke your passport if you have a "seriously delinquent tax debt." In other words, if you owe the IRS $50,000 or more, the Feds can revoke your passport. There's no hearing and no opportunity to contest this decision. Title: Re: SEC finally charges pirateat40 aka Trendon Shavers Post by: ArticMine on August 11, 2013, 03:46:31 PM you know little things like brokers needing to send out 1099-Div and file with IRS.... i see more blood in the water soon... Actually, what could be more blood in the water would be if investors decide to take a deduction for the bad debt expense. From the IRS website (http://www.irs.gov/taxtopics/tc431.html): Quote In general, if you are liable for a debt that is canceled, forgiven, or discharged, you will receive a Form 1099-C (PDF), Cancellation of Debt, and must include the canceled amount in gross income unless you meet an exclusion or exception. Assuming it resulted in a large enough tax obligation for Trendon then he ought to be careful of a sneaky paragraph in Section 40304 of the 2013 highway funding bill "Moving Ahead for Progress in the 21st Century Act." Section 40304 of this act would revoke your passport if you have a "seriously delinquent tax debt." In other words, if you owe the IRS $50,000 or more, the Feds can revoke your passport. There's no hearing and no opportunity to contest this decision. There is also the issue of withholding taxes for interest paid to non US persons. http://www.irs.gov/Businesses/U.S.-Tax-Withholding-on-Payments-to-Foreign-Persons (http://www.irs.gov/Businesses/U.S.-Tax-Withholding-on-Payments-to-Foreign-Persons) This one can be huge. |