Bitcoin Ponzi Agent Sentenced by The U.S. Judge, Find Here Why

The U.S. Judge orders the Bitcoin Ponzi Agent to be put behind the bars.
As the agent is accused of refusing court orders for paying $40 Million to the SEC.

The District Judge of Texas, Judge Amos L. Mazzant ordered a Bitcoin Ponzi Agent to be caught and jailed as he has refused multiple court orders. The agent also failed to pay around $40 Million to the United States Securities Exchange and Commission (SEC.) However, in 2015 the ponzi agent appealed guilty to securities fraud.

District Judge Amos L. Mazzant’s Order

Earlier this week, as per the Bloomberg report, Judge Amos L. Mazzant stated that a bitcoin ponzi agent will be caught and jailed for civil scorn, unless the ponzi agent immediately gives overdue documents and payments.

Trendon Shavers, 33 years old, a resident of McKinney, Texas, owes the U.S. SEC over $40 Million. He pleaded guilty to one count of securities fraud in September 2015. However, he has repeatedly ignored court orders.

The District Judge Mazzant said, “Shavers’s flagrant disregard for the Court’s orders on multiple occasions leads to only one conclusion: Shavers will only comply with the Court’s orders if he is incarcerated.”

Mazzant’s scorn order focuses on the SEC’s effort to enforce the $40.4 Million civil judgment. And the authority asked for certain financial documents to find out Shavers’ ability to pay the disgorgement award.

According to the court, the documents and two of the payments have already failed to materialize. Whereas Mazzant clearly mentioned that more SEC motions and court orders followed, and Shavers failed to appear for court hearing.

On the other hand, Shavers testified that he had not paid anything so far and that he was earning around $4,000 per month. The court ordered him to bring out the documents and make six $400 payments.

The Old Bitcoin Scam

It must be noted that the SEC litigated Shavers for securities fraud, and reported his investment-solicitation company used investor funds, in bitcoin digital currency, to pay back previous investors and to cover the personal expenses of Shavers.

Although his company, Bitcoin Savings and Trust, allegedly operated in 2011 and 2012. As it was launched in November 2011 as First Pirate Savings & Trust.

Taking a look into the old-dusty records, where it can be noted that in 2013, Shavers’s case showed that bitcoin is a form of money and that the investments at issue were securities. Moreover, the SEC found a ruling against Shavers in September 2014.

In continuation, just after a year as in September 2015, Shavers appealed guilty to criminal fraud charges. Also, a Prosecutors said the venture was a first-of-its-kind Ponzi scheme involving bitcoin investments.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing