Trendon Shavers was arrested in his home in Texas today, November 6. 2014.

[elux]

Source is U.S. Attorney Preet Bharara via Associated Press:

http://abcnews.go.com/Technology/wireStory/feds-announce-1st-bitcoin-securities-fraud-case-26734204

Looks like a crackdown on crime in Bitcoin is happening. Expect this to be in every newspaper tomorrow.

[elux]

Anyone got corroborating sources? The AP bulletin is very light on details.

[elux]

Now also via Reuters: http://www.dailymail.co.uk/wires/reuters/article-2824044/U-S-charges-Texas-man-running-bitcoin-Ponzi-scheme.html

[cypherdoc]

looks like they want to get 2 hits on Bitcoin's rep for the price of 1.

[Wilhelm]

LOL this dude was a scammer on this forum if I'm correct

Instead, Shavers allegedly used new bitcoin to repay old investors, add to his account at the now-bankrupt Mt. Gox exchange, and fund expenses such a used BMW M5, casino visits and a $1,000 dinner at Gallagher's Steakhouse in Las Vegas.

Read more: http://www.dailymail.co.uk/wires/reuters/article-2824044/U-S-charges-Texas-man-running-bitcoin-Ponzi-scheme.html#ixzz3IJLbNVkV
Follow us: @MailOnline on Twitter | DailyMail on Facebook

[Puppet]

looking forward to the mug shot

[FeedbackLoop]

Interesting precedent.

A lot of other people have been running smaller scale Ponzis since then and some have well known identities as well (such as a couple of guys in BTCJam).

[elux]

And here come WSJ, Bloomberg:

http://online.wsj.com/articles/texas-man-charged-with-running-bitcoin-ponzi-scheme-1415293750

http://www.bloomberg.com/news/2014-11-06/bitcoin-firm-chief-charged-in-first-u-s-securities-case.html

[Kupsi]

LOL this dude was a scammer on this forum if I'm correct

https://bitcointalk.org/index.php?action=profile;u=35827

[dropt]

I miss GPUMAX 

[notme]

I miss GPUMAX 

me too

[keewee]

LOL this dude was a scammer on this forum if I'm correct

1% compounding daily interest. Was great for those who got in early and got out before it collapsed 

https://bitcointalk.org/index.php?topic=50822.0

Pity the first post has been edited because it gave the full details of the scheme

[Kupsi]

LOL this dude was a scammer on this forum if I'm correct

1% compounding daily interest. Was great for those who got in early and got out before it collapsed  

https://bitcointalk.org/index.php?topic=50822.0

Pity the first post has been edited because it gave the full details of the scheme

The original post is quoted here:

https://bitcointalk.org/index.php?topic=50822.msg607752#msg607752

[keewee]

LOL this dude was a scammer on this forum if I'm correct

1% compounding daily interest. Was great for those who got in early and got out before it collapsed  

https://bitcointalk.org/index.php?topic=50822.0

Pity the first post has been edited because it gave the full details of the scheme

The original post is quoted here:

https://bitcointalk.org/index.php?topic=50822.msg607752#msg607752

Ah cheers. I was too lazy to start reading through the thread 

[fewcoins]

They need most of the big players in the bitcoin community OUT so they can put their little puppets in! At least the USA will be more accepting to bitcoin when they control it!! 

[Cablez]

I miss GPUMAX 

me too

[nostalgia]Those were the days......when getting BTC was easy.[/nostalgia]

[leopard2]

Excellent. For once, authorities are chasing real criminals instead of honest tradespeople who exchange BTC for cash or goods and services. 

[ScreamnShout]

LOL this dude was a scammer on this forum if I'm correct

1% compounding daily interest. Was great for those who got in early and got out before it collapsed 

https://bitcointalk.org/index.php?topic=50822.0

Pity the first post has been edited because it gave the full details of the scheme

IMO the scam should have been obvious, however he was "paying" investors for some time so people turned a blind eye to the obvious scam

[ElectricMucus]

LOL this dude was a scammer on this forum if I'm correct

1% compounding daily interest. Was great for those who got in early and got out before it collapsed  

https://bitcointalk.org/index.php?topic=50822.0

Pity the first post has been edited because it gave the full details of the scheme

Doesn't matter, I called it out at the second post after OP (I haven't edited once) and the idiots in this forum still participated in the scam. Everybody knew it was a ponzi scheme and participated because of it, and that's why I lost pretty much all respect for this community here.

[Cablez]

LOL this dude was a scammer on this forum if I'm correct

1% compounding daily interest. Was great for those who got in early and got out before it collapsed  

https://bitcointalk.org/index.php?topic=50822.0

Pity the first post has been edited because it gave the full details of the scheme

Doesn't matter, I called it out at the second post after OP (I haven't edited once) and the idiots in this forum still participated in the scam. Everybody knew it was a ponzi scheme and participated because of it, and that's why I lost pretty much all respect for this community here.

Greed overrules sense almost every time sadly.