SEC seeks lifting of stay in action against co-conspirator of Ponzi scammer Renwick Haddow

Maria Nikolova

The regulator asks the Court to lift the stay in the civil action against James Bernard Moore.

Shortly after the United States Securities and Exchange Commission (SEC) provided an update to the New York Southern District Court on the proceedings against James Bernard Moore, one of the alleged co-conspirators of Ponzi scammer Renwick Haddow, the regulator has asked the Court to lift the stay in its action against Moore.

Let’s recall that, according to the SEC’s Complaint, from approximately mid-2015 through May 2016, Moore and Voicetech, a company Moore controlled with his wife, recruited a network of sales agents to sell fraudulent investments to investors and served as the sales agents’ liaison to the entities offering the fraudulent investments.

The defendants arranged for the sales agent network to sell the investments by using the offering entities’ false and misleading offering materials. Inter alia, the materials touted the background of a chief executive officer, who in fact did not exist as Moore knew, and at the same time intentionally omitted any mention of Renwick Haddow, the real person controlling the entities, because, also as Moore knew, Haddow had been sued by a United Kingdom regulator for a prior scheme involving African land.

The network of sales agents recruited by Moore and Voicetech raised over $5 million from at least 100 investors for the fraudulent investments. In return for their role in selling the fraudulent investments, the defendants received commissions that totaled at least $1.4 million from the entities offering the investments.

The SEC’s action has been stayed in light of ongoing criminal proceedings against Moore.

In the Letter filed with the Court on Friday, October 4, 2019, the Commission asks the Court to lift the stay now and allow discovery to proceed, including the Commission’s deposition of Moore.

Although no judgment of conviction has yet been entered in the Criminal Case, the SEC argues that it is appropriate for the Court to lift the stay in the civil action now so that the Commission may proceed with discovery. At a minimum, the Commission intends to take Moore’s deposition if no settlement is reached. Commission counsel has not been able to reach Moore or defendant Universal Voicetech directly, given’s Moore’s incarceration and pro se status in this action.

Read this next

Digital Assets

AAX ranked world’s second largest spot exchange, only behind Binance

Crypto trading volumes experienced their first surge in activity since March as the majority of digital assets began their recovery from the recent grim price action, according to a new report by Cryptocompare.

Digital Assets

Bitpay teams up with Cardlytics to provide 15% cashback rewards

Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.

Digital Assets

BlackRock digs further into crypto with spot bitcoin private trust

BlackRock, the world’s largest asset manager with almost $8 trillion in AUM, has launched a spot bitcoin private trust for institutional clients in the United States.

Digital Assets

SEC fines Bloom Protocol, orders refund to BLT token purchasers

Blockchain startup Bloom, which raised $30 million in funds via an initial coin offering (ICO), has agreed to return the money to token purchasers and pay a $300,000 fine, the SEC announced.

Institutional FX

FX volume takes step back at Singapore Exchange in July

The Singapore Exchange (SGX), the country’s paramount exchange operator, has released its monthly volumes across its FX, derivatives and commodities segments for July 2022.

Market News

The Week Ahead: 12 August from David Madden, Market Analyst at Equiti Group

There was a spike in volatility last week when the US CPI report ticked down to 8.5% from 9.1%, missing the forecast of 8.7%. The announcement led to chatter the Fed might not carry out a 0.75% interest rate hike in September.

Digital Assets

Pomelo Pay adds crypto payments capabilities from TripleA

According to a June survey conducted by Deloitte, nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years.

Executive Moves

Talos appoints “boss, mentor, and friend” Neal Pawar as strategic advisor

“Foundational technologies are needed for institutions to fully embrace this potential, however, and in my opinion Talos’s platform is steadily becoming the de facto industry standard for digital asset trading.”

Technology

Avelacom enhances Middle East connectivity amid new market trends

Avelacom found that smaller markets in the region were not sufficiently covered by third-party vendors.

<