Topic: Find Trendon Shavers in person thread... [BTCST, BTS&T, pirateat40] - page 10. (Read 81241 times)

Totally agree with this, even though some of them might already have been punished pretty bad...

Here are the top ending account balances from: http://ia600904.us.archive.org/35/items/gov.uscourts.txed.146063/gov.uscourts.txed.146063.4.8.pdf

payb.tc 150.501
gigavps 45.783
hashking 45.680
onefixt 39.781
copumpkin 37.936 (received 10.5% weekly interest for some reason)
goat 35.864
imsaguy 35.064
brightanarchist 30.486 (funny username)
PatrickHarnett 29.140
rpac_internet 27.998
rix2000 25.100
bitcoinbaltar 25.501
brendio 25.000
btc4domains 21.420
PxJem7Cj 20.000
reeses 17.682
bwagner 13.500
ineededausername 9.275

Yeah sure,  some of these were Pass-Throughs, but still I am sure some took some heavy losses here.

Hopefully. And it wouldn't be bad to see the SEC investigating also the very well known "hero" members that gave Trevor credibility and promoted his ponzi by running PTs and such... They even went to dinner in Vegas with him to gamble, and they wrote many times that they "knew" what was Trevor's business model.

I cannot believe than anyone who is not a retarded could believe on 7% weekly interest rates, that does not exist outside ponzis, thus I'd say that at least half of the "promoters" who actively gave legitimacy to Trevor scam by cooperating with him were doing it knowing it was a ponzi, just to benefit from having entered the scheme at the very beginning.

He will go to jail.

civil case = no possibility of jail time?

here is the full content of the article.


Bitcoins Are Currency Subject To Securities Laws, Judge Says

Law360, Los Angeles (August 06, 2013, 9:03 PM ET) -- Internet-traded bitcoins are a form of currency subject to federal securities laws, a Texas federal judge ruled Tuesday, refusing to dismiss the U.S. Securities and Exchange Commission's claims accusing the founder of Bitcoin Savings & Trust of running a Ponzi scheme.

Bitcoin is a form of currency because it can be used to purchase goods or services and exchanged for more traditional forms of money, U.S. Magistrate Judge Amos L. Mazzant wrote in a decision Tuesday.

Bitcoin Savings & Trust sold investments denominated in the online currency promising high returns, but paid the new investment money as interest returns on older accounts, according to the SEC. Because bitcoins are a security, the alleged fraudster is subject to federal securities laws against the Ponzi practice, Judge Mazzant wrote Tuesday.

“It is clear that Bitcoin can be used as money. It can be used to purchase goods or services,” Judge Mazzant wrote in the decision, rejecting the company's bid to dismiss the suit for lack of subject matter jurisdiction. “The court finds that the [Bitcoin Savings & Trust] investments meet the definition of investment contract, and as such are securities.”

The SEC launched its lawsuit in Texas federal court July 23, accusing Bitcoin Savings & Trust and its founder Trendon T. Shavers of defrauding investors in a Ponzi scheme involving bitcoins. The complaint alleges Shavers offered and sold bitcoin-denominated investments through the Internet and raised least 700,000 bitcoins, which the SEC says amounted to more than $4.5 million based on the average price of bitcoins in 2011 and 2012, when the investments were offered and sold.

The SEC claims Bitcoin Savings & Trust, formerly known as First Pirate Savings & Trust, was a sham and a Ponzi scheme in which Shavers used bitcoins from new investors to make purported interest payments on outstanding investments, according to the complaint filed July 23.

The SEC says Shavers promised investors up to 7 percent weekly interest based on Bitcoin Savings and Trust’s bitcoin market arbitrage activity, which supposedly included selling to individuals who wished to buy bitcoins “off the radar” in quick fashion or large quantities.

Instead, Shavers used the new investments to make interest payments and cover investor withdrawals on outstanding Bitcoin Savings & Trust investments. Shavers also diverted investors’ bitcoins for day trading in his account on a bitcoin currency exchange, and exchanged investors’ bitcoins for U.S. dollars to pay his personal expenses, according to the complaint.

Shavers argued that his bank wasn’t subject to the securities laws that prohibit the Ponzi scheme, urging dismissal of the case on the grounds that he wasn’t dealing in real currency.

But Judge Mazzant disagreed, writing in Tuesday’s order that the investments met all the requirements of an actual investment security and were therefore subject to the laws. The judge denied Shavers’ motion to dismiss the suit.

Representatives for the SEC and Shavers did not immediately respond to requests for comment Tuesday.

Shavers is representing himself.

The case is U.S. Securities and Exchange Commission v. Trendon T. Shavers et al., case number 4:13-cv-00416, in the United States District Court for the Eastern District of Texas.

--Additional reporting by David McAfee. Editing by Elizabeth Bowen.

The judging seems to reproduce almost 1:1 the corresponding scene from that "The Good Wife" episode... good vision by those guys

This is a civil case

I am not crazy. Btw, I also did not have any money in BTCST.

There would have been more than enough possibilities besides "hanging" or harm him in any physical way, to make this guy learn a serious lesson and handle this case face-to-face.

But nobody (please tell me if I am wrong) took the initiative to meet him in person AFTER it was clear that he ran away with the money. Everybody just jumped on the lazy internet-detective-I-snoop-with-google-in-his-life-and-try-and-find-a-clue-while-I-am-sitting-with-a-beer-in-my-deck-chair-and-let-the-sun-shine-on-my-belly instead of taking an inexpensive domestic flight to TX. 

Again:
Without the investigations by SEC, NOTHING would have happened. Niente!

Huh, where did that come from?
This implies he is found and caught?
Others were speculating a lot of the info came right from him anyway..

Ente

That's my understanding, too. There's a thread for Brown @ https://bitcointalksearch.org/topic/anyone-know-what-happened-to-knightmb-and-his-371000-btc-6825 though, so we don't keep hijacking. 

My understanding was that he didn't have the docs (I could be wrong)

Don't be a douche. If there was no government monopoly on the use of force he'd already have been hanged.

and for those that say none of us would have done anything to him - you're crazy. I put a guy in the hospital when I was 16 over $600. Thing is, I didn't have any money in BTCST myself - I'm not that stupid to believe in 7% weekly returns.

This will not end well. (for him)

"Shavers is representing himself."

He can even afford a lawyer !

Not a free email provider.

Got this in my feed:

http://www.law360.com/articles/462977/bitcoins-are-currency-subject-to-securities-laws-judge-says

Unfortunately, they ask for a professional email (what the hell is that) to register and read the complete article.

So Brown was the guy to get Romney's tax documents? How did he get those documents? He is just some guy from Nashville.

Where is that PDF originally hosted and why do you only have an archive.org link?

Also, aren't court documents like this one "evidence' supposed to be kept completely private until the case is over in the US?

Nice charts. It's shocking to see how bad this guy is at trading 

This is interesting: