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Trendon Shavers of McKinney Texas Charged with Bitcoin Fraud

Trendon Shavers of McKinney Texas Charged with Bitcoin Fraud

Trendon Shavers of McKinney Texas Charged with Bitcoin Fraud 150 150 Rex Securities Law

McKinney, Texas-November 6, 2014- Trendon Shavers was arrested  at his home in McKinney and charged with securities fraud and wire fraud. According to the press release from the US Attorney’s Office for the Southern District of New York, Shavers operated a Bitcoin-related Ponzi scheme through the Internet in 2011-2012 promising investors up to 7% in weekly interest.

About 48 investors lost all or part of their investment in the Ponzi scheme where bitcoin received from new investors was used to make payments to earlier investors giving the impression of a legitimate business.

FBI Assistant Director-in-Charge George Venizelos said: “Shavers used a new currency, but the same old reprehensible tricks. He claimed to offer a Bitcoin market-arbitrage strategy. In reality, it was nothing more than an insidious scheme motivated by greed. Today, Shavers’ jig is up. He finds himself under arrest and charged in Manhattan federal court.”

In September, Shavers was fined over $40 million in a suit brought  by the SEC.

Rex Securities Law provides nationwide representation to investors 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. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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