Government officials have slammed the door on a Bitcoin ponzi scheme that promised investors a return of 7 percent per week, but it is unclear if the guilty party has the ability to pay the combined $40.7 million fine. Trendon Shavers intentionally operated a Bitcoin ponzi scheme U.S. Magistrate Judge Amos Mazzant in Texas found that Trendon Shavers “knowingly and intentionally” operated his company “as a sham and a Ponzi scheme,” according to a Reuters report. Mazzant’s Thursday decision concluded Shavers mislead investors about how their investment capital would be used, how he would generate the promised weekly returns and the related…
Government Shuts Door On Bitcoin Ponzi Scheme
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.