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U.S. judge awards $40.7 million in SEC case over bitcoin Ponzi scheme

20
Sep
2014

By Jonathan Stempel (Reuters) – A U.S. federal judge in Texas ordered Bitcoin Savings and Trust and its owner to pay a combined $40.7 million after the Securities and Exchange Commission established that the company, which sold investments using the virtual currency, was a Ponzi scheme. In a decision dated Thursday, U.S. Magistrate Judge Amos Mazzant said Trendon Shavers knowingly and intentionally operated his company as a sham and a Ponzi scheme, misleading investors about the use of their bitcoin, how he would generate promised returns and the safety of their investments. …

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