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 , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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