his bitcoin ponzi scheme he was also suspected of embezzlement using the proceeds to buy a bmw spa treatments and thousand dollar stake dinners for himself at the time he was charged he was facing up to NUMBER_TOKEN years in prison if convicted at the beginning of his trial jason siebert his lawyer had said that the sec had abused his powers after questioning shavers for hours even after he had pleaded guilty in the case he alleges that the information gathered in that line of questioning was later used in the new york investigation secret said quote he trendin did not know that he was answering or why it mattered the sec didn't tell him that his answers could be used in a parallel criminal investigation however this was unfortunately not enough to save shavers from a conviction remember how he said he was going to pay back everyone's bitcoin when he closed his business well obviously if you couldn't guess he didn't and prosecutors stated that out of his NUMBER_TOKEN investors NUMBER_TOKEN of them suffered a loss because of the scheme and shaver's inability to pay them back after bitcoin savings and trust folded was the result of this new judgment when handing down his judgment the judge lewis kaplan ordered chavers to pay back NUMBER_TOKEN million dollars in restitution saying you defrauded innocent people you did it in the last analysis for personal gain shavers was sentenced to one and a half years in prison substantially lower than the NUMBER_TOKEN years he was facing originally perhaps his apparent regret and apologetic nature for his actions granted him the shorter sentence chavers had said in court that he had royally messed up and the business and following legal actions had caused him to lose friends and become an embarrassment to his family he said i don't think this is something i'm ever going to get over so three unique ponzi schemes three unique people and thousands of people's financial lives ruined two out of the three people discussed in today's episode showed little to no remorse maverati blamed the government the pigeon king blamed journalists and chavers was the only one to take accountability and remorse for his actions not that it excuses him for the record but with all of that being said i hope you enjoyed today's three for one ponzi scheme episode here on multilevel mondays and of course let me know what you think about it sound off in the comment section on youtube or feel free to reach out on social media via twitter discord wherever feel free to do that let me know what you think sometimes there's shorter stories that we come across that we can't cover in a full episode so we try and do something like this let me know what you thought of it did you like it did you hate it i'd like to know but with that being said thank you so much for spending some of your valuable time here with me today on multi-level mondays and i'll see you in the next one bye
START_INTERACTION_TOKEN and of course let me know what you think about it sound off in the comment section on youtube or feel free to reach out on social media via twitter discord wherever feel free to do that let me know what you think sometimes there's shorter stories that we come across that we can't cover in a full episode so we try and do something like this let me know what you thought of it did you like it did you hate it i'd like to know END_INTERACTION_TOKEN