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Bitcoin Entrepreneur Settles With SEC Over Unregistered Stock Sales

• http://www.buzzfeed.com, Matthew Zeitlin

Bitcoin evangelist and entrepreneur Erik Voorhees has settled with the Securities and Exchange Commission for unregistered stock offerings in two Bitcoin-based companies he started and ran.

The SEC said Voorhees, 29, who lives in Panama City, Panama raised over 2,600 bitcoins, about $15,000 in 2012 for FeedZeBirds, a social media marketing company, and 50,6000 bitcoins, or $722,659, for SatoshiDICE, a gambling company.

Neither companies were registered and Voorhees openly solicited shares, denominated in Bitcoin, on the popular Bitcointalk forum. Voorhees also publicized the shares for FeedZeBirds on Facebook and FreedomPhoenix.com, a "general solicitation," that falls well outside the SEC's procedures for offering shares in a company.

"t I have entered into a settlement agreement with the SEC. With this matter resolved, I look forward to helping to build the Bitcoin industry and the future of finance," Voorhees said in a statement posted to Reddit.

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