Bitcoin Ponzi agent sentenced by the US judge, find here why

• US judge orders Bitcoin Ponzi agent to be put behind bars.
• As the agent is accused of refusing court orders to pay $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 several court orders. The agent also failed to pay about $40 million to the United States Securities Exchange and Commission (SEC.) However, in 2015, the ponzi agent pleaded guilty to securities fraud.

District Judge Amos L. Mazzant’s order

Earlier this week, according to the Bloomberg report, Judge Amos L. Mazzant stated that a bitcoin ponzi agent will be caught and jailed for civil contempt unless the ponzi agent immediately provides overdue documents and payments.

Trendon Shavers, age 33, resident of McKinney, Texas, owes the US SEC over $40 million. He pleaded guilty to one count of securities fraud in September 2015. However, he has repeatedly ignored court orders.

District Judge Mazzant said: “Shaver’s blatant disregard for court orders on multiple occasions leads to only one conclusion: Shavers will only comply with court orders if he is incarcerated.”

Mazzant’s contempt order focuses on the SEC’s efforts to enforce the $40.4 million civil judgment. And the authority requested certain financial documents to determine Shavers’ ability to pay the disgorgement price.

According to the court, the documents and two of the payments have already been missing. While Mazzant clearly mentioned that several SEC motions and court orders followed, Shavers failed to appear in court.

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

The old Bitcoin scam

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

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

Take a look at the old dusty records, where it can be noted that in 2013, Shavers’ case showed that bitcoin is a form of money and that the investments involved were securities. Also, the SEC entered an injunction against Shavers in September 2014.

Subsequently, just after a year as of September 2015, Shavers pleaded guilty to criminal fraud charges. Also, a prosecutor 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 graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing

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