{"id":1518,"date":"2014-09-20T11:10:18","date_gmt":"2014-09-20T11:10:18","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/09\/man_to_pay_404m_for_texas_secu"},"modified":"2022-07-22T08:39:05","modified_gmt":"2022-07-22T13:39:05","slug":"man-to-pay-404m-for-texas-secu","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/man-to-pay-404m-for-texas-secu\/","title":{"rendered":"Man to Pay $40.4M for Texas Securities Fraud Involving Bitcoin Ponzi Scam"},"content":{"rendered":"

\t\t\t\tTrendon T. Shavers, who is accused of operating a Texas Ponzi scam<\/a> involving a Bitcoin scheme he operated from his residence must pay more than $40.4 million. The SEC filed a securities fraud case against him and his company Bitcoin Savings & Trust last year and sought disgorgement. <\/p>\n

According to the regulator, Shavers, a Texas resident, raised more than 700,000 bitcoins while promising investors interest as high as 7% weekly. The allegedly fraudulent activities lasted from November 2011 through August 2012 when the Ponzi scam collapsed. <\/p>\n

In a promo that he posted on online, Shavers solicited lenders, offering 1% interest daily for loans involving at least 50 bitcoins. He also published posts touting nearly zero risk, claiming that the business was doing exceptionally well. When his Texas securities scam <\/a>failed, Shavers showed preference to longtime investors and friends when giving out redemptions.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Trendon T. Shavers, who is accused of operating a Texas Ponzi scam involving a Bitcoin scheme he operated from his residence must pay more than $40.4 million. The SEC filed a securities fraud case against him and his company Bitcoin Savings & Trust last year and sought disgorgement. According to the regulator, Shavers, a Texas […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[4038,3760,3741,3750],"tags":[],"class_list":["post-1518","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-sec-enforcement","category-securities-fraud","category-texas-securities-fraud"],"yoast_head":"\nMan to Pay $40.4M for Texas Securities Fraud Involving Bitcoin Ponzi Scam — Investor Lawyers Blog — September 20, 2014<\/title>\n<meta name=\"description\" content=\"Trendon T. 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