Court extends stay in case against Ponzi scammer Renwick Haddow for seventh time

Maria Nikolova

The criminal case is stayed until December 12, 2018, in line with a request by the US Government.

The criminal case against Renwick Haddow, known for his Bitcoin and Ponzi scams, has been extended again. Earlier this week, the New York Southern District Court has granted another request for extension of the stay by the United States Government.

This is the seventh order of continuance issued in these criminal proceedings. The stay is now prolonged until December 12, 2018.

The US Government has explained that it needs more time to continue the discussions with the defendant regarding a possible disposition of this case. About a week ago, the Government indicated the same.

Let’s recall that, in June 2017, the charges against Renwick Haddow were unsealed. The criminal complaint charges him with two counts of wire fraud — one relating to the Bitcoin Store scheme and the other relating to the Bar Works scheme. Each charge carries a maximum penalty of 20 years in prison.

Under the allegations, Haddow, who is a citizen of the United Kingdom, from November 2014 through June 2017, solicited investments in start-up companies he created and controlled, including Bitcoin Store — a purported online platform for purchasing, selling, and storing the digital currency known as “Bitcoin”—and Bar Works, which purports to be a company that adapts former restaurants, bar premises, and other locations into co-working spaces. When doing so, Haddow made material misrepresentations about the management, operations, and historical performance of those companies.

For instance, Haddow concealed his interest in Bitcoin Store and fabricated the purported “experienced team of leading investment professionals” working at the company. In connection with Bar Works, Haddow adopted the alias “Jonathan Black” to further hide his role in the schemes. He claimed that “Jonathan Black” had an extensive background in finance and had a role in setting up “Car Share,” a car-sharing app.

Haddow solicited investments through his control of InCrowd Equity Inc., which represented itself as a type of crowdfunding portal through which investors could purchase shares of start-ups supposedly vetted by InCrowd. He did so without disclosing to investors that he had an ownership interest in both InCrowd, on the one hand, and Bitcoin Store and Bar Works, on the other. Haddow also misappropriated without permission funds purportedly invested in Bitcoin Store and Bar Works for his own use and the use of others.

Apart from the criminal case against Haddow, he is targeted in civil actions too. For instance, the Securities and Exchange Commission (SEC) is pursuing a civil action against him.

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