NY Court grants another “final” continuance in case against Ponzi scammer Renwick Haddow

Maria Nikolova

The parties have been engaged in protracted discussions about the possible resolution of the case.

There has been another continuance in the case taken by the US authorities against Ponzi scammer Renwick Haddow, although when the previous such adjournment was requested, the delay was supposed to be final. And yet again, earlier this week, Martin S. Bell, an Assistant United States Attorney in the Office of Geoffrey S. Berman, United States Attorney for the Southern District of New York, submitted affirmation in support of an application for an order of continuance of the time within which an indictment or information would otherwise have to be filed in the case.

On Wednesday, March 13, 2019, Magistrate Judge Gabriel W. Gorenstein of the New York Southern District Court granted the request. Thus, the case is continued until April 12, 2019. The request is supposed to be the final one in this case.

Counsel for the defendant and the government are engaged in discussions concerning a possible disposition of this case, and expect to resolve it shortly. The negotiations have not been completed and the plan is to continue these discussions.

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 example, 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.

Read this next

Digital Assets

Midas launches investment strategies for the ‘crypto winter’

Midas.Investments has released three new investment strategies on its custodial CeDeFi platform, creating new opportunities during the ‘crypto winter’.   The platform merges diverse approaches to digital asset management into single-click products to let investors gain steady profits in any market conditions — including the ongoing bear market. a custodial CeDeFi platform, CeDeFi: Unlocking the […]

Digital Assets

Bitcoin.com Wallet adds several ERC-20 tokens

The product expansion includes representatives of the DeFi world, the Metaverse, and the largest stablecoins.

Market News

Savvy Investors to Profit Whether the Stock Market Rebounds or Not

Equities have gone up enormously since the low. SP500 has gained 13.88% since June 17. In August, the indices drifted sideways. On Wall Street, veteran investors expect a move in either direction.

Industry News

Wall Street-backed MEMX obtains SEC approval for options trading platform

The company has raised more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley.

Industry News

Amundi US launches ESG strategy that seeks to outperform S&P 500

Amundi’s Responsible investing team includes more than 45 specialists, and its ESG analysis covers more than 13,500 issuers across debt and equity.

Industry News

Verto launches embedded FX payments solution

The Verto API automates currency conversions, tracks payments and exchange rates in real-time, and is being launched in the follow-up of a $10 million in Series A funding last year.

Industry News

SEC awards over $16m to whistleblowers after another successful enforcement action

The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice.

Digital Assets

Ripple submits most succint explanation of Hinman issue in XRP lawsuit

It might be useful to get up to date as this could be the end of the road for the SEC.

Retail FX

TradingView integrates first Brazilian broker, Órama Investimentos

Órama offers all kinds of investment products, from fixed income to crypto-related funds.

<