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Posts Tagged ‘Ponzi scheme’

The operator of a Bitcoin Ponzi scheme has been ordered to pay back over $40 million in profits and interest gained from investors money. The operator, Trendon Shavers, ran the scheme through his company Bitcoin Savings Trust for at least a year and a half between 2011 and 2012. In 2012, when he shut down the company, investors […]

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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 […]

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