History - Bitcoin Savings and Trust and Pirateat40 on Bitcointalk (PONZI)

[OgNasty]

In any event, I was cleared of any wrongdoing long ago

You were never investigated, so you were not cleared of anything.

At the time, the authorities didn't care about you.  But now that we've shown you stole at least 1,000 btc, they'll probably be taking a second look.

They subpoenaed all interactions with pirateat40. They have all the information. You on the other hand have no idea what you’re talking about. Considering you are a well documented liar, this shouldn’t surprise anyone.

I really don’t want to be a part of this petty spat where it clearly doesn’t belong out of respect for the other members of this forum. I’ve explained I insured deposits to help people. I did what I said I would do. There are no victims. This situation was investigated by authorities who cleared me of any wrongdoing. At this point this thread is more about Vod’s bad judgement showing why he shouldn’t be in DT than anything else.

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[Vod]

They subpoenaed all interactions with pirateat40. They have all the information.

They didn't know you stole 1,000 btc.  Or they would have prosecuted you, right?

This situation was investigated by authorities who cleared me of any wrongdoing.

Liar.  Show us anything that says you were cleared.

I really don’t want to be a part of this petty spat where it clearly doesn’t belong out of respect for the other members of this forum.

If you had respect for this forum, you wouldn't be pushing a "remove vod from dt" agenda and asking them to ignore a 1,000 btc theft.  :/

[Vod]

That month pirateat paid you BTC753 in interest, for the money you collected from other people.
You kept BTC451 for yourself (without risking one satoshi) and added BTC15 to the 'insurance/reserve fund'

The investors chopped up the other BTC287

These are serious accusations.

I think this community owes it to OG to validate his claim that he was investigated and cleared.  I'll reach out to the SEC, talk to the agent and report what I find.

If he was cleared, then Twitchy and I will need to apologize.

[OgNasty]

I'll reach out to the SEC, talk to the agent and report what I find.

I wish you more success than you had with the IRS you child molesting piece of shit.

[Vod]

I wish you more success than you had with the IRS you child molesting piece of shit.

I think we all want me to be successful in this, right?   Thanks for the encouragement.

A five-year statute of limitations is imposed under
28 U.S.C. § 2462 for any government “action, suit
or proceeding for the enforcement of any civil fine,
penalty, or forfeiture, pecuniary or otherwise.” In a
2013 opinion, Gabelli v. SEC, 133 S. Ct. 1216 (2013),
the Supreme Court determined that the five-year
period accrues when the fraud is complete, not upon
its discovery.2
 In so doing, the Court set “a fixed date
when exposure to the Government enforcement
efforts ends . . .

So OG, you got away with a very large theft.  The only thing that can touch you now is private lawsuits, but everyone seems to have accepted their losses and moved on.

The blockchain proved you are a thief, and anyone who loves bitcoin can see that. 

[TwitchySeal]

If it’s clear, then how are your numbers so wildly incorrect? You must be missing quite a bit of information and just filling in the blanks with incorrect assumptions.

Maybe you forgot?  I don't know.

Do you remember what happened in June 2012 for example?

That month pirateat paid you BTC753 in interest, for the money you collected from other people.
You kept BTC451 for yourself (without risking one satoshi) and added BTC15 to the 'insurance/reserve fund'

The investors chopped up the other BTC287


https://bitcointalk.org/index.php?topic=75843.msg987574#msg987574

Not a fantasy.  It's real.

You convinced people to give you money so that you could invest in a ponzi.  You invested nothing, for the month of June 2012 you kept 60% of the payments for yourself, paid them 38%, and set aside 2% as 'reserves'.  You then used that 2% to lure in more investors by convincing them that somehow by putting that 2% aside it was a better investment.

The whole 'If we get BTC2,000 invested, I'll bump up the investor payments by 4%, so go recruit your friends and you'll make more money' is ponzi scheme 101.  Give them a taste, then get them to invest more and tell their friends.

It doesn't matter whether or not you set aside any money, or if you told them there was a risk.  You were running a ponzi.  Period.

[Vod]

It doesn't matter whether or not you set aside any money, or if you told them there was a risk.  You were running a ponzi.  Period.

No one doubts it was a ponzi.  My issue is how he planned the shut down with Pirate.

• He created a small reserve fund, while continuing to put most of the coin in his pocket.
• He unilaterally changed the contract to say the reserve fun would be paid out if Pirate went default.
• Pirate defaulted, sent OG his coin back, which OG kept to pay out the reserve fund as promised.
• OG claims Pirate kept the coins, people view the reserve fund as a great idea, rather than the scam it was.
  
• OG claims he was investigated and cleared to stop people from investigating further

 

1) OG cannot change the contract without the other person's approval.  Any person OG enforced this contract on has a right to sue him for the balance.
2) The blockchain proof Twitchy provided proves where the coins went.  OG would be forced to settle.
3) Twitchy, I think we need to get as much info as possible and try and create a list of the people OG owes coins to and the amount.   I'm sure these people could use the support right now while OG lounges in his pool.  

[TwitchySeal]

It doesn't matter whether or not you set aside any money, or if you told them there was a risk.  You were running a ponzi.  Period.

No one doubts it was a ponzi.  My issue is how he planned the shut down with Pirate.

• He created a small reserve fund, while continuing to put most of the coin in his pocket.
• He unilaterally changed the contract to say the reserve fun would be paid out if Pirate went default.
• Pirate defaulted, sent OG his coin back, which OG kept to pay out the reserve fund as promised.
• OG claims Pirate kept the coins, people view the reserve fund as a great idea, rather than the scam it was.
  
• OG claims he was investigated and cleared to stop people from investigating further

 

1) OG cannot change the contract without the other person's approval.  Any person OG enforced this contract on has a right to sue him for the balance.
2) The blockchain proof Twitchy provided proves where the coins went.  OG would be forced to settle.
3) Twitchy, I think we need to get as much info as possible and try and create a list of the people OG owes coins to and the amount.   I'm sure these people could use the support right now while OG lounges in his pool.  

I don't see anything ever actually coming of this from any court.

It wasn't worth enough money at the time for the SEC to care, and the 5 year statute of limitations was up long ago.  I've only heard back from one investor, they don't remember exact numbers and records are buried but he lost thousands in multiple pass troughs.  Some like ognastys and some glbse pass-throughs.  I imagine most have a similiar story. 

Lots of people were willing to throw tons of money into obvious ponzi schemes and Og decided to take advantage of them.  They all got fucked every which way and og got away with his little slice quietly, I think all we can do is put the evidence out there and let people decide for themselves.

[Vod]

I don't see anything ever actually coming of this from any court. I think all we can do is put the evidence out there and let people decide for themselves.

I agree 100%.   If you can find the blockchain records, we can make an active chart for each ponzi investor that showed
investor name, btc invested vs btc returned and current USD$ price on the difference.

That page can show live values of the $$ OG stole in his ponzi.  One of them may be encouraged enough to hire a lawyer and test the uncharted waters here.  Or the public and local attention OG receives may force him to flee a state yet again.  it might even convince OG to feel for others and get a tang of guilt.