“A Texas man has been arrested on wire fraud and securities fraud charges for his operation of what authorities allege was a Bitcoin-related Ponzi scheme that raised millions of dollars through a purported online digital hedge fund. Trendon Shavers, known in Bitcoin forums as ‘Pirateat40,’ was arrested this morning on one count of securities fraud and one count of wire fraud. Each charge carries a maximum sentence of 20 years in prison, as well as criminal fines. The Securities and Exchange Commission filed civil fraud charges against Shavers in July 2013, which recently culminated in a federal judge ordering Shavers to pay $40 million in fines.”
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