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Author Topic: BREAKING: SEC Charges pirateat40 With Running Bitcoin-Denominated Ponzi Scheme  (Read 44400 times)
becoin
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July 25, 2013, 06:59:00 PM
 #101

Next up: Hashking aka Sam Theofanopoulos, 7262 W Benton Dr Frankfort, IL 60423

I really hope they go after all the PPTs and the Starfish too.
I really hope they go after BFL too.

SEC? Why would they? I don't like BFL as much as the next guy, but SEC has nothing it wants from BFL.
It will. BFL is the biggest operating bitcoin scam treating their customers as investors but without the corresponding investor rights. On several occasions BFL confirmed that they have converted their customer BTC into USD. However, they don't have currency exchange license and are not allowed to do currency conversions on behalf of their customers. As you see, a lot of SEC related issues.
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July 25, 2013, 07:17:50 PM
 #102

Can anyone work out the number of coins in 1DkyBEKt5S2GDtv7aQw6rQepAvnsRyHoYM when he stopped paying out?

I think it was a lot more than the 193,319 XBT he apparently didn't return to investors.

1) 700000 is not exact, it's a lower bound. He likely didn't return more than 200000 BTC.
2) 1Dky is more likely to be Silk Road's than Pirate's.
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July 25, 2013, 07:42:55 PM
 #103

Oh, I agree with everything you said. 7% weekly was obviously unsustainable. However, I'd like to quote you here:
I'm sorry but I don't feel the least bit sorry

 Wink Tongue

Should have said I apologize for not feeling sorry for them but it was their fault for not listening. lol

BadBear
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July 25, 2013, 09:27:31 PM
 #104

Stop with the BFL stuff, take it to another thread.

1Kz25jm6pjNTaz8bFezEYUeBYfEtpjuKRG | PGP: B5797C4F

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July 25, 2013, 11:09:26 PM
 #105

This is my favorite:





http://ia800904.us.archive.org/35/items/gov.uscourts.txed.146063/gov.uscourts.txed.146063.4.5.pdf
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July 25, 2013, 11:11:19 PM
 #106

It's called 'cashing out' not 'debit-card-at-walmarting-out'.

ส็็็็็็็็็็็็็็็็็็็็็็็็็ GPG:2AFD99BB ಠ_ಠ mon
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July 26, 2013, 07:34:33 AM
 #107

And yet nobody charged with anything related to the financial crash.

Bitcoin combines money, the wrongest thing in the world, with software, the easiest thing in the world to get wrong.
Visit www.thevenusproject.com and www.theZeitgeistMovement.com.
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July 26, 2013, 03:52:34 PM
 #108

 
   
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July 26, 2013, 04:01:46 PM
 #109

man the day pirate sold off all that bitcoin was a lucky day for me, My deposit had just cleared and i was gonna buy some btc @ 14 but he crashed it down to 8.  its nice to see one of bitcoin's early villains get some!

Tym's Get Rich Slow scheme: plse send .00001 to
btc: 1DKRaNUnMQkeby6Dk1d8e6fRczSrTEhd8p ltc: LV4Udu7x9aLs28MoMCzsvVGKJbSmrHESnt
thank you.
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July 26, 2013, 04:53:04 PM
 #110

*snip*

Is this your personal collection of white dildos?

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July 26, 2013, 10:24:54 PM
 #111

*snip*

Is this your personal collection of white dildos?

Nah, planet earth's worst Ponzi scheme operators

Truth is the new hatespeech.
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July 28, 2013, 11:08:51 AM
 #112

A nifty visual representation:


One can't help but laugh at the people who thought he was the market god.  If they'd known his average selling price at Gox was $2 when the market was between $5 and $15 they'd have....lost faith?  Talk about shitty day-trading.

Always in control of the market...my ass.
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July 28, 2013, 02:05:21 PM
 #113

A nifty visual representation:


One can't help but laugh at the people who thought he was the market god.  If they'd known his average selling price at Gox was $2 when the market was between $5 and $15 they'd have....lost faith?  Talk about shitty day-trading.

Always in control of the market...my ass.

Making money while dumping bitcoin @below market value is but a single adorable aspect of His Godliness.  
Pirate never concealed the unlawfulness of his operation, he simply allowed his marks to assume that they weren't the intended marks.  
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July 28, 2013, 07:16:31 PM
 #114

Next up: Hashking aka Sam Theofanopoulos, 7262 W Benton Dr Frankfort, IL 60423

I really hope they go after all the PPTs and the Starfish too.

Ugh, I'd hate to see otherwise 'good guys' go down with the ship. But I suspect the SEC will be going through all of this through a fine toothed comb. If anything, this will be teaching the government law enforcement quite a large amount about bitcoin. I wouldn't be surprised if the people working on this investigation turn out to be the real bitcoin/blockchain experts.

more or less retired.
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July 28, 2013, 07:22:57 PM
 #115

Next up: Hashking aka Sam Theofanopoulos, 7262 W Benton Dr Frankfort, IL 60423

I really hope they go after all the PPTs and the Starfish too.

Ugh, I'd hate to see otherwise 'good guys' go down with the ship. But I suspect the SEC will be going through all of this through a fine toothed comb. If anything, this will be teaching the government law enforcement quite a large amount about bitcoin. I wouldn't be surprised if the people working on this investigation turn out to be the real bitcoin/blockchain experts.

The PPTs and Patrick are good guys?  I'd like to see you explain in what fashion any of those assholes are good guys.  All of them rapidly defended an obvious ponzi scheme.  Many of the passthroughs didn't pass through and did they own default under the cover of Pirate's.  And the PPT.div was the biggest ripoff of all, devised to fail and lose massive amounts of money for investors even if Pirate had paid off.
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July 30, 2013, 12:34:23 AM
 #116

From the complaint:

"BTCST’s securities were not traded on any exchange"

The SEC is wrong about this one.  See PPT.

Digital Gold for Gamblers and True Believers
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July 30, 2013, 09:35:34 PM
 #117

He didn't list them, but they were passthroughs to his "security" and they did trade on an exchange. 

Probably a lot of the key posts are now deleted.

PPT-A
https://bitcointalk.org/index.php?topic=76594.0

Digital Gold for Gamblers and True Believers
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July 30, 2013, 11:54:30 PM
 #118

"I think many people forget that PPT is issued by some of the most respected people in the lending forum.  It wouldn't be just a matter of 1 person not honoring the agreement, but all six.  How many other issuers have that?" -imsaguy
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July 31, 2013, 07:57:04 AM
 #119

From the complaint:

"BTCST’s securities were not traded on any exchange"

The SEC is wrong about this one.  See PPT.

GLBSE wasn't a real exchange, it was an illegal unlicensed "get into jail free" card. Just like all other Bitcoin "security exchanges".
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July 31, 2013, 02:49:30 PM
 #120

From the complaint:

"BTCST’s securities were not traded on any exchange"

The SEC is wrong about this one.  See PPT.

GLBSE wasn't a real exchange, it was an illegal unlicensed "get into jail free" card. Just like all other Bitcoin "security exchanges".

Yeah, I bet Nerfario is glad he's a Brit right now. This would be a bad time for him to plan another trip to the US with only Bitcoins in his pocket. He might get stopped at the airport again but not for the same reason. lol

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