Articles Posted in SEC Bitcoin case against Bitcoin Savings and Trust

Bitcoin Savings and Trust and its owner has been ordered to pay $40.7 million in a Securities and Exchange Commission case
which established that the company sold investments using the vitual currency using a Ponzi scheme. U.S. Magistrate Judge Amos Mazzant of Texas said that Trendon Shavers knowingly and intentionally operated his company as a sham and Ponzi scheme misleading investors about the use of their Bitcoin and how he would generate the promised returns.

Shavers’ lawyer withdrew from the civil case this week, court records show.