man charged with bitcoin ponzi scam
Last Updated : GMT 16:22:18
Arab Today, arab today
Arab Today, arab today

Man charged with Bitcoin Ponzi scam

Arab Today, arab today

Arab Today, arab today Man charged with Bitcoin Ponzi scam

Dallas - UPI

U.S. regulators said a man from Texas used an online denomination known as Bitcoin to run a Ponzi scam that netted $4.5 million. The scam was run in 2011 and 2012. If it were in operation today, the ill-gotten gains would be worth $60 million, the Securities and Exchange Commission said in a statement. As unregulated currency, the value of Bitcoins fluctuates wildly. For example, Bitcoins lost 70 percent of their value in two days in April, with the price falling from $266 per Bitcoin to $77.56, CNN reported. The Web site Bitcoin, which tracks the value of the virtual currency, has the current price of one Bitcoin at $94.99. Another Web site, Lifehacker, said in May 2011 the price of a Bitcoin was $7.50. The SEC says that while operating the scam, Trendon Shavers, the founder of Bitcoin Savings and Trust, raised at least 700,000 Bitcoin for investments. However, the investment was no more than a Ponzi scheme in which Shavers raised Bitcoin on false promises of investments that he never made. Instead, he used Bitcoin from new investors to cover his tracks and for personal expenses, the SEC said. \"Fraudsters are not beyond the reach of the SEC just because they use Bitcoin or another virtual currency to mislead investors and violate the federal securities laws,\" said Andrew Calamari, director of the SEC\'s New York regional office. \"Shavers preyed on investors in an online forum by claiming his investments carried no risk and huge profits for them while his true intentions were rooted in nothing more than personal greed,\" Calamari said. The SEC alleges Shavers promised 7 percent weekly interest from his arbitrage transactions. He attracted investors with claims that \"the risk is almost 0,\" and \"I have yet to come close to taking a loss on any deal.\" However, \"contrary to the representations made to investors, BTCST was not in the business of buying and selling Bitcoin at all,\" the SEC said. The SEC filed a complaint against Shavers in the U.S. District Court for the Eastern District of Texas. His business included duped investors in Connecticut, Hawaii, Illinois, Louisiana, Massachusetts, North Carolina, and Pennsylvania, the SEC said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

man charged with bitcoin ponzi scam man charged with bitcoin ponzi scam

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

man charged with bitcoin ponzi scam man charged with bitcoin ponzi scam

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday