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Author Topic: SEC Charges Texas Man With Running Bitcoin-Denominated Ponzi Scheme  (Read 42333 times)
augustocroppo
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July 23, 2013, 05:22:55 PM
Last edit: July 23, 2013, 10:06:34 PM by Augusto Croppo
 #1

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FOR IMMEDIATE RELEASE

2013-132 Washington D.C., July 23, 2013 — The Securities and Exchange Commission today charged a Texas man and his company with defrauding investors in a Ponzi scheme involving Bitcoin, a virtual currency traded on online exchanges for conventional currencies like the U.S. dollar or used to purchase goods or services online.

The SEC alleges that Trendon T. Shavers, who is the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments through the Internet using the monikers “Pirate” and “pirateat40.”  Shavers raised at least 700,000 Bitcoin in BTCST investments, which amounted to more than $4.5 million based on the average price of Bitcoin in 2011 and 2012 when the investments were offered and sold.  Today the value of 700,000 Bitcoin exceeds $60 million.

Read more on https://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539730583#.Ue616tK-r_j

Discussion on https://bitcointalk.org/index.php?topic=261234.0
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augustocroppo
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July 23, 2013, 10:06:52 PM
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Economy > Marketplace > Securities > SEC Charges Bitcoin Savings and Trust (BTCST) as Ponzi Scheme

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

Bitcoin Discussion (Moderators: hazek, tysat) > BREAKING: SEC Charges pirateat40 With Running Bitcoin-Denominated Ponzi Scheme

https://bitcointalk.org/index.php?topic=261290.0
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July 24, 2013, 12:15:36 PM
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Here is the SEC complaint: http://www.sec.gov/litigation/complaints/2013/comp-pr2013-132.pdf
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February 21, 2014, 01:13:13 AM
 #4

What ever happened with this?

Read up yourself...

http://ia800904.us.archive.org/35/items/gov.uscourts.txed.146063/
malevolent
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March 12, 2014, 12:10:12 AM
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New updates:

http://www.scribd.com/doc/210845161/SEC-vs-pirateat40-1
http://www.scribd.com/doc/210845205/SEC-vs-pirateat40-2
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June 04, 2014, 12:37:21 AM
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Trendon may have actually found a lawyer to represent him:

http://www.secvshavers.com/blog.html

"Defendants' Response To the SEC's Motion for Sanctions" http://www.secvshavers.com/documents.html
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