[dustcoin]

From the SEC complaint [1]:

    During the relevant period, Shavers transferred at least 150,649 BTC to
    his personal account at an online BTC currency exchange which,
    among other things, he then sold or used to day-trade 
    (converting BTC to U.S. dollars and vice versa). As a result of this activity, 
    Shavers suffered a net loss from his day-trading,
    but realized net proceeds of $164,758 from his net sales of 86,202 BTC.

It is interesting how little money he actually made from the scam, unless he hid BTC outside of law enforcements' reach.

[1] http://www.sec.gov/litigation/complaints/2013/comp-pr2013-13...

[Buge]

Maybe I don't understand, but to me it sounds like he sold 86,202 BTC for $164,758. Which means he still has 64,476 BTC, currently worth $25,778,155.

[dustcoin]

The complaint implies that he lost 64k BTC trading. Based on my observations of pirateat40's behavior and personality during the time he ran the scam, this is a much more likely outcome than him secretly holding on to a large number of BTC. In my opinion, Pirate manipulated the market to feed his own ego, not to make a profit, and incurred large losses buying high to raise the price and selling low to drop it.

[lukifer]

It also mentioned that he stored assets at Mt. Gox, meaning that some or all of his holdings may have evaporated.

[grimtrigger]

Is it possible his "losses" were really just transfers to other accounts he owned?

[dustcoin]

I assume that the SEC gained access to his exchange accounts' transaction history and discovered that he did indeed lose money trading.