Trendon Shavers Sentenced 18 Month Prison For Bitcoin Ponzi Scheme

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US Securities and Exchange Commission (SEC), in 2013, charged a man with defrauding investors in a bitcoin Ponzi scheme. According to the SEC, Trendon T. Shavers, founder and operator of Bitcoin Savings and Trust (BTCST) enticed investors with 7% return on investments, weekly, depending on the bitcoin market arbitrage activity. The federal case has finally concluded and Shavers will be serving 18 months in a federal corrections facility. Shavers was also required to forfeit $1.2m and pay $1.2m in restitution. When the 18 months is served, another three years of supervised release will be required.

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The federal case against the man who went by ‘Pirate’ and ‘pirateat40’ on internet forums started in 2013 where he was picked up and charged with one count of securities fraud and one count of wire fraud. The charges carried a maximum of 40 years in prison. Shavers pleaded not guilty to fraud charges in March 2015 but reversed his decision later that year. The defendant’s legal defense team and US Attorney Preet Bharara were able to come to an agreement that would reduce time served in exchange


Read more ... source: DeepDotWeb

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