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Bitcoin Savings and Trust fraudster fined $40 million

Posted on 19th September, 2014

In July of 2013, the Securities and Exchange Commission (SEC) charged Trendon T. Shavers with defrauding investors in a bitcoin-targeted Ponzi scheme. Shavers claimed to have created a bitcoin-based arbitrage system, the Bitcoin Savings and Trust (BTCST), and promised investors 7% interest per week on their BTC loans. Instead, the BTCST was a classic Ponzi […]