SEC to seek $1.5m in disgorgement from co-conspirator of Ponzi scammer Renwick Haddow

Maria Nikolova

James Moore received at least $1.5 million in commissions, so the SEC requests this amount in disgorgement, plus prejudgment interest and civil penalties.

The Securities and Exchange Commission (SEC) has provided clarity on its course of action in the lawsuit targeting James Moore, a co-conspirator of Ponzi scammer Renwick Haddow.

A letter filed with the New York Southern District Court on November 26, 2019, includes the SEC’s computation of damages in the case against Moore. The SEC estimates that Moore and Universal Voicetech, Inc. helped to raise over $5 million from approximately 100 investors. Moore received at least $1.5 million in commissions. The Commission requests this latter amount in disgorgement, plus prejudgment interest and civil penalties.

The Commission has reached out to Moore several times with a proposed offer of settlement. However, the SEC has not heard back and as a result no settlement discussions have taken place. The regulator suggests a settlement conference (if possible) to discuss a potential bifurcated settlement.

Let’s recall that the Commission’s Complaint alleges that Moore and Universal Voicetech, Inc., a company Moore controlled, aided and abetted an offering fraud perpetrated by Renwick Haddow. The Complaint alleges that Haddow (who has now pleaded guilty), sold investors interests in a company known as “Bar Works,” which allegedly provided co-working spaces in converted restaurants and bars.

In reality, Haddow and others made material misrepresentations in marketing materials sent to investors about Bar Works while raising over $37 million from investors. Among other things, Bar Works’ website and offering memoranda touted the experience of its CEO Jonathan Black and omitted any mention of Haddow, when in fact Black was wholly fictitious and Haddow, who actually controlled Bar Works, had been sued for a previous illegal investment scheme by the Financial Conduct Authority in the U.K. Haddow subsequently misappropriated the vast majority these investor funds.

Moore and Universal Voicetech, Inc. aided and abetted Haddow in his fraudulent scheme by interfacing with and finding sales agents who solicited investments in Bar Works. Moore knew that the marketing materials he and his agents used to solicit investments in Bar Works omitted Haddow’s name and instead listed a fictitious name and background when describing Black, the company’s purported CEO. Moore received commissions from Bar Works that totaled at least $1.5 million.

No discovery has taken place as the case was stayed until the Court lifted the stay of discovery on October 21, 2019. The SEC anticipates that the principle discovery in this matter will involve the deposition of Moore.

Read this next

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

<