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Author Topic: BREAKING: SEC Charges pirateat40 With Running Bitcoin-Denominated Ponzi Scheme  (Read 44400 times)
BadBitcoin (James Sutton)
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July 31, 2013, 03:11:33 PM
 #121

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".

There is currently no regulated bitcoin "securities exchange", unless you like to gamble a bit, avoid them.
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August 01, 2013, 08:41:00 AM
 #122

This idiot sent coins directly from his ponzi to his personal, verified MtGox which sent USD to his bank accounts. This retard was asking to get caught. Probably tried to run from the mistakes by losing himself in casino gambling

Hey.
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August 01, 2013, 08:58:52 AM
 #123

If anyone duped by pirate40 gets caught up in this, I know a good SEC defense lawyer.  I can get you in touch with them and make sure that they are well versed in all the technical aspects of bitcoin for the defense.  Just send me a PM.
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August 01, 2013, 09:39:53 AM
 #124

pirateat40 is the bawss to people here unconsiously

he did what all those pathetic people here that are buying bitcoins right now at 100$ are dreaming about

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August 07, 2013, 11:11:40 PM
 #125

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


Well I bet the SEC knows what they are doing. Also it seems the SEC might have to go after others if they want to go after the PPTs and the exchange that took the money.


SEC knows what they are doing?  ROFL  I'm surprised they wanted to open this can of worms.  It doesn't matter if they convict him or not. The precedents the judges rulings on various factual motions will be a crazy mess for the government.  1st two major issues, BTC addresses and BTC in them can't be owned and if they can be and are payment methods then BTC itself is an illegal security.  I'm sure there are plenty other issues to come.  Fun times here we go.

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August 08, 2013, 01:12:38 AM
 #126

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


Well I bet the SEC knows what they are doing. Also it seems the SEC might have to go after others if they want to go after the PPTs and the exchange that took the money.


SEC knows what they are doing?  ROFL  I'm surprised they wanted to open this can of worms.  It doesn't matter if they convict him or not. The precedents the judges rulings on various factual motions will be a crazy mess for the government.  1st two major issues, BTC addresses and BTC in them can't be owned and if they can be and are payment methods then BTC itself is an illegal security.  I'm sure there are plenty other issues to come.  Fun times here we go.

http://www.reuters.com/article/2013/08/06/us-court-sec-bitcoin-idUSBRE97517G20130806

First of many.

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August 08, 2013, 01:55:50 AM
 #127

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


Well I bet the SEC knows what they are doing. Also it seems the SEC might have to go after others if they want to go after the PPTs and the exchange that took the money.


SEC knows what they are doing?  ROFL  I'm surprised they wanted to open this can of worms.  It doesn't matter if they convict him or not. The precedents the judges rulings on various factual motions will be a crazy mess for the government.  1st two major issues, BTC addresses and BTC in them can't be owned and if they can be and are payment methods then BTC itself is an illegal security.  I'm sure there are plenty other issues to come.  Fun times here we go.

http://www.reuters.com/article/2013/08/06/us-court-sec-bitcoin-idUSBRE97517G20130806

First of many.
Wow.  Here is the actual ruling
https://www.courthousenews.com/2013/08/06/Bitcoin.pdf
Check this quote out "Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money."  The other takeaway is that a judge just declared all unregistered (which probably is 100%) BTC exchanges, companies listed on exchanges and probably even side loans illegal since he called them securities.

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August 08, 2013, 02:20:33 AM
 #128

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


Well I bet the SEC knows what they are doing. Also it seems the SEC might have to go after others if they want to go after the PPTs and the exchange that took the money.


SEC knows what they are doing?  ROFL  I'm surprised they wanted to open this can of worms.  It doesn't matter if they convict him or not. The precedents the judges rulings on various factual motions will be a crazy mess for the government.  1st two major issues, BTC addresses and BTC in them can't be owned and if they can be and are payment methods then BTC itself is an illegal security.  I'm sure there are plenty other issues to come.  Fun times here we go.

http://www.reuters.com/article/2013/08/06/us-court-sec-bitcoin-idUSBRE97517G20130806

First of many.
Wow.  Here is the actual ruling
https://www.courthousenews.com/2013/08/06/Bitcoin.pdf
Check this quote out "Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money."  The other takeaway is that a judge just declared all unregistered (which probably is 100%) BTC exchanges, companies listed on exchanges and probably even side loans illegal since he called them securities.

Erik Voorhees big scramble to buy back SatoshiDice becomes a little clearer now doesn't it? lol

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August 11, 2013, 07:54:57 AM
 #129

courts love to find they have jurisdiction, it gives them more power. It takes legislation to cut back the courts power, which now only happens when the court trammel rich corporate interests that can lobby for the legislation.


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August 11, 2013, 08:16:32 AM
 #130

his name was pirate  Cheesy

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August 12, 2013, 07:27:40 PM
 #131

Keep in mind the court was in TEXAS.  Surely they love the federal government.  I wonder if the judge was smiling that you can substitute any fiat currency for "bitcoin" in his following sentence l "Bitcoin is an electronic form of currency unbacked by any real asset and without specie, such as coin or precious metal."

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August 12, 2013, 07:36:57 PM
 #132

Keep in mind the court was in TEXAS.  Surely they love the federal government.

I'm not sure if you are familiar with Texas?

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August 13, 2013, 06:55:31 AM
 #133

Keep in mind the court was in TEXAS.  Surely they love the federal government.

I'm not sure if you are familiar with Texas?

Given half a chance, those heavily armed rednecks would probably secede from the union.

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August 13, 2013, 12:54:39 PM
 #134

The guy behind it ripped off people for around $5 million. The SEC has charged him with a crime, which is what they're supposed do. It was a classic Ponzi scheme
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August 15, 2013, 10:34:22 PM
 #135

Keep in mind the court was in TEXAS.  Surely they love the federal government.

I'm not sure if you are familiar with Texas?

I'm not sure if you are familiar with sarcasm?

https://www.bitcoin.org/bitcoin.pdf
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August 15, 2013, 10:43:15 PM
 #136

Keep in mind the court was in TEXAS.  Surely they love the federal government.

I'm not sure if you are familiar with Texas?

I'm not sure if you are familiar with sarcasm?

If it was sarcasm I'm obviously expecting too much.

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August 15, 2013, 10:43:34 PM
 #137

So is he in custody yet? Does he even have a warrant?

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August 15, 2013, 10:55:32 PM
 #138

So is he in custody yet? Does he even have a warrant?

Is this him?

Quote
Name:   Trendon T Shavers
Arrest Date:   2013-08-11
Charges:    ASSAULT CAUSES BODILY INJURY FAMILY VIOLENCE


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August 15, 2013, 11:03:48 PM
 #139

So is he in custody yet? Does he even have a warrant?

It is a civil lawsuit not a criminal proceedings.  There was a warrant to seize his accounts but even if he loses this lawsuit all that can happen is financial penalties.  It is possible the DOJ will prosecute him criminally but that would be a separate action and no criminal charges (much less warrants, arrests, pre-trial confinement, etc) have happened yet (and may never happen).
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August 15, 2013, 11:23:38 PM
 #140

So is he in custody yet? Does he even have a warrant?

Is this him?

Quote
Name:   Trendon T Shavers
Arrest Date:   2013-08-11
Charges:    ASSAULT CAUSES BODILY INJURY FAMILY VIOLENCE



Yep, seems to be him:
http://www.justmugshots.com/texas/collin-county/18816833

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