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Texas man pleads guilty in NY bitcoin securities fraud case

A man involved in what federal authorities have described as the first bitcoin securities fraud case pleaded guilty on Monday.

Trendon Shavers, of McKinney, Texas, pleaded guilty in New York to a count of securities fraud on his 33rd birthday. He told U.S. Magistrate Judge Sarah Netburn that he made false statements to investors.

"I know what I did was wrong, and I'm very sorry," he said.

The government said the false statements he told included promising investors as much as a 1 percent daily gain if they entrusted him with their bitcoins, digital currency created and exchanged independent of banks or governments.

Prosecutors said Shavers, who...