Regardless of what happens in the civil case I would expect criminal prosecution.
"bitcoin is money"
He sole money from people. And other may have been complicit in this effort. There is a reason none of the PT's wanted to talk to the SEC. However they may already be cooperating with the government in exchange for leniency.
Madoff took a whole slew of people down with him.
http://en.wikipedia.org/wiki/Participants_in_the_Madoff_investment_scandal
Topic: Going after Trendon Shavers, Pirateat40, BTCST - page 3. (Read 48539 times)
trendon should be behind bars - 30 years to life.
there is a difference between an honest business going bad and an obvious ponzi scheme meant to destroy investors and reward the perpetrators.
hopefully after SEC is done with him he goes to jail for a long time (after a criminal complaint is filed)
there is a difference between an honest business going bad and an obvious ponzi scheme meant to destroy investors and reward the perpetrators.
hopefully after SEC is done with him he goes to jail for a long time (after a criminal complaint is filed)
This will continue to be a precedent setting case and I believe we'll see criminal prosecution of Trendon and maybe even some of the pass throughs.
As well as an official US legal opinion that bitcoin is legal tender?Again, This will be a precedent setting case....
This will continue to be a precedent setting case and I believe we'll see criminal prosecution of Trendon and maybe even some of the pass throughs.
As well as an official US legal opinion that bitcoin is legal tender?Again, This will be a precedent setting case....
This will continue to be a precedent setting case and I believe we'll see criminal prosecution of Trendon and maybe even some of the pass throughs.
As well as an official US legal opinion that bitcoin is legal tender?This will continue to be a precedent setting case and I believe we'll see criminal prosecution of Trendon and maybe even some of the pass throughs.
As well as an official US legal opinion that bitcoin is legal tender?What does legal tender have to do with it?
This will continue to be a precedent setting case and I believe we'll see criminal prosecution of Trendon and maybe even some of the pass throughs.
As well as an official US legal opinion that bitcoin is legal tender?What does legal tender have to do with it?
This will continue to be a precedent setting case and I believe we'll see criminal prosecution of Trendon and maybe even some of the pass throughs.
As well as an official US legal opinion that bitcoin is legal tender?
This will continue to be a precedent setting case and I believe we'll see criminal prosecution of Trendon and maybe even some of the pass throughs.
I'm no lawyer, heck I don't even play one on TV LOL...
But reading the original complaint from the SEC Gov site, this appears to be a Civil complaint, not criminal.
https://www.sec.gov/litigation/complaints/2013/comp-pr2013-132.pdf
Any lawyers can comment?
~BCX~
But reading the original complaint from the SEC Gov site, this appears to be a Civil complaint, not criminal.
https://www.sec.gov/litigation/complaints/2013/comp-pr2013-132.pdf
Any lawyers can comment?
~BCX~
Sec is only civil. But they will pass on the evidance they collected to everyone.
Seems to be moving forward:
http://www.ibtimes.com/federal-magistrate-says-bitcoin-real-money-he-allows-sec-suit-go-forward-ponzi-scheme-case-1375669?goback=.gde_3721050_member_264189881
I'm no lawyer, heck I don't even play one on TV LOL...
But reading the original complaint from the SEC Gov site, this appears to be a Civil complaint, not criminal.
https://www.sec.gov/litigation/complaints/2013/comp-pr2013-132.pdf
Any lawyers can comment?
~BCX~
But reading the original complaint from the SEC Gov site, this appears to be a Civil complaint, not criminal.
https://www.sec.gov/litigation/complaints/2013/comp-pr2013-132.pdf
Any lawyers can comment?
~BCX~
Sec is only civil. But they will pass on the evidance they collected to everyone.
Front Page on Australian news
$4.5 million Bitcoin Ponzi scheme - Man charged in alleged Bitcoin scam
http://www.news.com.au/money/money-matters/man-charged-in-alleged-bitcoin-scam/story-e6frfmd9-1226684102340
On Bloomberg as well.$4.5 million Bitcoin Ponzi scheme - Man charged in alleged Bitcoin scam
http://www.news.com.au/money/money-matters/man-charged-in-alleged-bitcoin-scam/story-e6frfmd9-1226684102340
http://www.bloomberg.com/news/2013-07-23/bitcoin-ponzi-scheme-alleged-by-sec-in-lawsuit-against-texas-man.html
Investors BTC ---> Ponzi ---> His Exchange Account ----> USD in his checking account.
I would imagine the above connection to be hard to prove.
Really? With the exchange account in his name? To withdraw $150K would require full KYC and docs.
this.
or pirate would have to claim he got the btc some other way and it was his. like he mined it all back in 2009/2010... i don't know. seems messy.
Guys the account is in his name sure. Good luck proving the connection with the (alleged) Ponzi though Bitcoins are Bitcoins. In a criminal case Trendon is the accused, he doesn't have to explain how he got the Bitcoins. The prosecution needs to prove how he got it beyond reasonable doubt. IANAL though
But all they would have to do is link him to his pirateat40 account, the lowest charge they can throw at him is an unregistered security.
They still have to prove he received Bitcoins for the investment. (and even then convince the judge this is a value transfer)
Exactly, but since Fincen recognizes virtual currencies so that is a value transfer. I am not a lawyer so I am just guessing at this point.
does it matter at all that this ruling was after he did what he did?
I have no clue, I think it would be retro activate, otherwise, why even go after him?
Front Page on Australian news
$4.5 million Bitcoin Ponzi scheme - Man charged in alleged Bitcoin scam
http://www.news.com.au/money/money-matters/man-charged-in-alleged-bitcoin-scam/story-e6frfmd9-1226684102340
$4.5 million Bitcoin Ponzi scheme - Man charged in alleged Bitcoin scam
http://www.news.com.au/money/money-matters/man-charged-in-alleged-bitcoin-scam/story-e6frfmd9-1226684102340
What confuses me is the value of cashing in all those BTC given at around $1.91 each. Unless they're counting each individual "day trade" in that, and him just cashing out his final balance after losses.
Investors BTC ---> Ponzi ---> His Exchange Account ----> USD in his checking account.
I would imagine the above connection to be hard to prove.
Really? With the exchange account in his name? To withdraw $150K would require full KYC and docs.
this.
or pirate would have to claim he got the btc some other way and it was his. like he mined it all back in 2009/2010... i don't know. seems messy.
Guys the account is in his name sure. Good luck proving the connection with the (alleged) Ponzi though Bitcoins are Bitcoins. In a criminal case Trendon is the accused, he doesn't have to explain how he got the Bitcoins. The prosecution needs to prove how he got it beyond reasonable doubt. IANAL though
But all they would have to do is link him to his pirateat40 account, the lowest charge they can throw at him is an unregistered security.
They still have to prove he received Bitcoins for the investment. (and even then convince the judge this is a value transfer)
Exactly, but since Fincen recognizes virtual currencies so that is a value transfer. I am not a lawyer so I am just guessing at this point.
Investors BTC ---> Ponzi ---> His Exchange Account ----> USD in his checking account.
I would imagine the above connection to be hard to prove.
Really? With the exchange account in his name? To withdraw $150K would require full KYC and docs.
Have you seen what you can buy on the Silk Road?
does it matter at all that this ruling was after he did what he did?
No. This kind of thing annoys me because it creates a defacto run around the prohibition on ex post facto laws. FINCen guidance is that the regulations ALWAYS applied to Bitcoin even before the creation of Bitcoin it applied to any theoretical virtual currency. The guidance was merely clarification of existing law/regulation.
Investors BTC ---> Ponzi ---> His Exchange Account ----> USD in his checking account.
I would imagine the above connection to be hard to prove.
Really? With the exchange account in his name? To withdraw $150K would require full KYC and docs.
this.
or pirate would have to claim he got the btc some other way and it was his. like he mined it all back in 2009/2010... i don't know. seems messy.
Guys the account is in his name sure. Good luck proving the connection with the (alleged) Ponzi though Bitcoins are Bitcoins. In a criminal case Trendon is the accused, he doesn't have to explain how he got the Bitcoins. The prosecution needs to prove how he got it beyond reasonable doubt. IANAL though
But all they would have to do is link him to his pirateat40 account, the lowest charge they can throw at him is an unregistered security.
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