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Securities and Exchange Commission v. Shavers et al
Case Number:
4:13-cv-00416
Court:
Nature of Suit:
Judge:
Firms
Government Agencies
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February 16, 2022
SEC Says Bitcoin Ponzi Schemer Still Owes $40M
The Texas man who was found to operate a bitcoin-related "sham and Ponzi scheme" investment venture still hasn't paid the $40.4 million he owes in disgorgement, the U.S. Securities and Exchange Commission told a Texas federal court.
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September 21, 2015
Virtual Bitcoin Bank Founder Admits To Ponzi Fraud
A Texas man who founded and operated virtual bank Bitcoin Savings and Trust, and who was accused last year of operating a bitcoin-related Ponzi scheme through online exchanges valued at $4.5 million, pled guilty Monday to a count of securities fraud in Manhattan federal court.
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September 18, 2014
Virtual Bank Founder Must Pay $40M For Bitcoin Ponzi Scheme
A Texas federal judge on Thursday ordered Bitcoin Savings & Trust and its founder to pay more than $40 million in disgorgement and penalties, ruling that the U.S. Securities and Exchange Commission showed they defrauded investors by running a Ponzi scheme involving the bitcoin virtual currency.
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August 26, 2014
Bitcoin Again Found Subject To Securities Laws In Scam Suit
A Texas federal judge on Tuesday reconsidered but refused to reverse his year-old ruling that Internet-traded bitcoin is a form of currency subject to federal securities laws, preserving the United States' claims accusing the founder of Bitcoin Savings & Trust of running a Ponzi scheme.
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August 06, 2013
Bitcoins Are Currency Subject To Securities Laws, Judge Says
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.
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July 23, 2013
SEC Sues Virtual Bank Founder Over $4.5M Bitcoin Scam
The U.S. Securities and Exchange Commission launched a lawsuit in Texas federal court on Tuesday against the founder of Bitcoin Savings and Trust, saying the man and his company defrauded investors in a Ponzi scheme involving bitcoin, a virtual currency traded online.