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Man who held 7% of all Bitcoins arrested for Ponzi scheme News Man who held 7% of all Bitcoins arrested for Ponzi scheme
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Old 11-06-2014, 05:23 PM   #1
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Man who held 7% of all Bitcoins arrested for Ponzi scheme
Bitcoin Ponzi Scheme has been taken down.

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A Texas man who ran a firm that claimed to make virtual currency-based investments was accused of masterminding a $4.5 million Ponzi scheme in what U.S. prosecutors said was a first-of-its-kind case tied to bitcoins.

Trendon Shavers, founder of Bitcoin Savings and Trust, raised at least 764,000 bitcoins by promising investors a return of as much as 3,641 percent, prosecutors said. Instead, he used bitcoins from new investors to cover payments owed to earlier clients, while also tapping into the currency to pay for his own Las Vegas gambling and spa treatments, they said.

At the peak of his scheme in 2011 and 2012, Shavers held about 7 percent of all bitcoins in circulation, they said.

?Shavers managed to combine financial and cyber-fraud into a bitcoin Ponzi scheme that offered absurdly high interest payments and ultimately cheated his investors,? U.S. Attorney Preet Bharara in Manhattan said in a statement today.
more here

http://www.bloomberg.com/news/2014-1...ties-case.html
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Old 11-06-2014, 07:24 PM   #2
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Bitcoin Ponzi Scheme has been taken down.



more here

http://www.bloomberg.com/news/2014-1...ties-case.html
This will not end well i'm afraid, foo; and his money so to speak...
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Old 11-06-2014, 11:51 PM   #3
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while also tapping into the currency to pay for his own Las Vegas gambling and spa treatments, they said.
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Old 11-07-2014, 12:54 AM   #4
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These kind of things will always happen in the life of world with anything of value. Sorry for this fact, whether it be gold, bitcoin, cash, etc., sucks for those investors.
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Old 11-07-2014, 01:31 AM   #5
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These kind of things will always happen in the life of world with anything of value. Sorry for this fact, whether it be gold, bitcoin, cash, etc., sucks for those investors.
What kind of things?Arrests or ponzi schemes?
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Old 11-07-2014, 01:37 AM   #6
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What kind of things?Arrests or ponzi schemes?
Yes, arrests for ponzi schemes for invesments for any kind of things. Whether it be property funds, investment funds, blah blah blah funds, etc
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Old 11-07-2014, 01:39 AM   #7
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Yes, arrests for ponzi schemes for invesments for any kind of things. Whether it be property funds, investment funds, blah blah blah funds, etc
Aha.But funny thing all bitcoin related arrest happened in usa only,seems people just wont learn.
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Old 11-07-2014, 01:47 AM   #8
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Aha.But funny thing all bitcoin related arrest happened in usa only,seems people just wont learn.
In the land of the free the must protect their freedom somehow, what if Bitcoins got out on the streets and started shooting people?
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Old 11-07-2014, 02:42 AM   #9
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These kind of things will always happen in the life of world with anything of value. Sorry for this fact, whether it be gold, bitcoin, cash, etc., sucks for those investors.
Watch the show "American Greed" sometime, there are hundreds of guys like him out there even thousands. Its all tied to peoples greed, the promise of huge returns on investments. When they get fucked, then they cry, because they lost their life savings, retitrement funds etc. If it sounds too good to be true..............
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Old 11-07-2014, 02:59 AM   #10
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Old 11-07-2014, 03:46 AM   #11
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Watch the show "American Greed" sometime, there are hundreds of guys like him out there even thousands. Its all tied to peoples greed, the promise of huge returns on investments. When they get fucked, then they cry, because they lost their life savings, retitrement funds etc. If it sounds too good to be true..............
Exactly!
But people like to find it "newsworthy" because it's this "bitcoin thing", when in fact, it's happening all around you, me, all of us, in all sorts of shapes and forms.

So this is no news to me, this is not even worth reading, what is worth reading? Bernie Madoff, he stole BILLIONS for decades!

Look at Kenneth Lay, the fucking Pres of USA even attended his so called "funeral".
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Old 11-07-2014, 04:11 AM   #12
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Was there scammers in the Bible?
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Old 11-07-2014, 04:35 AM   #13
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Was there scammers in the Bible?
Well,eden snake was some sort of scammer..Promised divine status if they eat apple,they got kicked out of eden instead.
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Old 11-07-2014, 04:38 AM   #14
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Well,eden snake was some sort of scammer..Promised divine status if they eat apple,they got kicked out of eden instead.
ofcourse..
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Old 11-07-2014, 05:10 AM   #15
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I am still laughing over the name "Bitcoin Savings and Trust" -- the greedy idiots got themselves scammed.
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Old 11-07-2014, 08:27 AM   #16
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The guy was actually named "Trendon Shavers" - I thought that had to be a joke. Maybe I'll invest with a guy named "Spider McSteal" next time.
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Old 11-07-2014, 08:33 AM   #17
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The guy was actually named "Trendon Shavers" - I thought that had to be a joke. Maybe I'll invest with a guy named "Spider McSteal" next time.
reminds me of the show "the real hustle"... they named themselves:
Ian Steele, Rob Marks and Sue Windle

no one even noticed anything suspicious when "Ian" was running some scam while having "I. Steele" on his name tag...
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Old 11-07-2014, 08:41 AM   #18
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Trendon Shavers

http://mugshots.com/US-Counties/Texa....66013789.html
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Old 11-07-2014, 09:07 AM   #19
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Exactly!
But people like to find it "newsworthy" because it's this "bitcoin thing", when in fact, it's happening all around you, me, all of us, in all sorts of shapes and forms.

So this is no news to me, this is not even worth reading, what is worth reading? Bernie Madoff, he stole BILLIONS for decades!

Look at Kenneth Lay, the fucking Pres of USA even attended his so called "funeral".
but definitely worth you coming in here posting all over the place being defensive about the whole thing?
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Old 11-08-2014, 06:40 AM   #20
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Glen there you are, waiting for you to come in here and post your stupid replies

lol

fucking idiot
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Old 11-08-2014, 10:32 AM   #21
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nice read thanks
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