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Author Topic: SEC finally charges pirateat40 aka Trendon Shavers  (Read 2626 times)
thebaron
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July 23, 2013, 04:40:53 PM
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"SEC Charges Texas Man With Running Bitcoin-Denominated Ponzi Scheme"

https://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539730583#.Ue6xztK87_l
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drrussellshane
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July 23, 2013, 04:54:10 PM
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well, well, well.

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July 23, 2013, 05:42:34 PM
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Is there a precedent for the victims being able to recoup any of their money during these sorts of things?
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July 23, 2013, 05:58:37 PM
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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.....
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July 23, 2013, 06:01:26 PM
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For better or for worse, this has already gained traction in the Securities forum:

https://bitcointalk.org/index.php?topic=261235.new#new

Marco Santori is a lawyer, but not your lawyer, and this is not legal advice.  If you do have specific questions, though, please don't hesitate to PM me.  We've learned this forum isn't 100% secure, so you might prefer to email me.  Maybe I can help!  Depending upon your jurisdiction, this post might be construed as attorney advertising, so: attorney advertising Smiley
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July 24, 2013, 03:43:48 AM
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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
worldinacoin
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July 24, 2013, 03:50:04 AM
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Well he was notorious here, and he isn't really helping our cause but getting SEC examining us under a microscope Sad
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July 24, 2013, 04:34:16 AM
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SEC examining us under a microscope Sad

Shit's about to get real.
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July 24, 2013, 10:37:42 AM
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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.
 

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July 24, 2013, 05:32:26 PM
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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...

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August 09, 2013, 04:35:33 PM
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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:

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.

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August 11, 2013, 03:46:31 PM
 #12

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:

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 This one can be huge.

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