Bitcoin Savings & Trust (BS&T) operator Trendon Shavers has plead not guilty to fraud charges in a New York District court.
If convicted, Shavers faces up to 40 years in prison, as well as millions of dollars in potential fines and penalties. Shavers is charged with one count of securities fraud and one count of wire fraud.
The prosecution alleges that Shavers promised outsized returns to investors but in reality operated a Ponzi scheme by paying early investors with the proceeds from new ones. Shavers, who operated under the username pirateat40, solicited investors for BS&T during 2011 and 2012.
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