Texan charged in first bitcoin securities fraud Ponzi case

November 6, 2014 creative attorney-preet, bitcoin, bitcoin-savings, citing-people, francisco-based, his-investors, investors, louisiana, mobile-gaming, paper-wallet, recent-breach, san, texas, words, york

By Jonathan Stempel NEW YORK (Reuters) – A Texas man who operated Bitcoin Savings and Trust was charged on Thursday with bilking his investors, in what prosecutors called the first federal criminal securities fraud case arising from a bitcoin-related Ponzi scheme. Trendon Shavers, 32, of McKinney, Texas, was charged with misappropriating about 146,000 of the 764,000 bitcoin, then worth more than $4.5 million, that he raised from September 2011 to September 2012 by promising investors “absurdly high” interest rates, U.S.

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Texan charged in first bitcoin securities fraud Ponzi case