A Texas man is in trouble with the feds for allegedly ripping off investors via a Bitcoin-inspired Ponzi scheme.
The SEC announced on Tuesday that it has charged Trendon Shavers, the founder and operator of Bitcoin Savings and Trust, with several violations of federal law.
Shavers reportedly raised at least 700,000 Bitcoin in investments through his company in 2011 and 2012. At that time, his Bitcoin investments were worth $4.5 million. Today, they're worth more than $60 million.