September 21, 2015-McKinney, Texas
Trendon T. Shavers, 33, admitted to running a Ponzi scheme involving bitcoin, a virtual currency, according to the Wall Street Journal. Sentencing is scheduled for February 3, 2016.
According to the release, Shavers controlled about 7% of the virtual currency and had raised more the 764,000 bitcoins through Bitcoin Savings & Trust, a website he operated from his home. Bitcoin currently trades at over $225 per bitcoin. Shavers promised investors returns of up to 7% a week, using money raised from early investors to pay later investors giving the impression of a profitable company. Shavers was ordered to pay over $40 million by the SEC.
Rex Securities Law , located in Boca Raton, FL for more than 25 years, will soon be opening a second office just outside of Austin, in Bee Cave, TX.
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