SEC wants to re-open case against Ponzi scammer Renwick Haddow

Maria Nikolova

The US regulator notes that the case has not yet solved the matter concerning the monetary penalties to be imposed on the fraudster.

Shortly after Judge Lorna G. Schofield of the New York Southern District Court ordered the closure of the case brought by the Securities and Exchange Commission (SEC) against Renwick Haddow, known for running fraudulent schemes such as Bar Works and Bitcoin Store Inc, the regulator seeks to re-open the case. This becomes clear from documents filed by the regulator with the Court late last week and seen by FinanceFeeds.

In its Letter to Judge Lorna G. Schofield, the SEC requests that the Court re-open the action because the Commission’s partial consent judgment against defendant Renwick Haddow does not resolve the Commission’s claims for monetary relief against him. Put bluntly, the judgment has not resolved the issue of monetary penalties to be imposed on Haddow.

Once Haddow has been sentenced in his related criminal case, the SEC anticipates that (i) the parties will reach a settlement on the monetary relief, or (ii) the regulator will make a motion seeking monetary relief. There is currently no set sentencing date in the Criminal Matter.

As per the consent judgment, Haddow is permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b, by using any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange, in connection with the purchase or sale of any security:

  • a) to employ any device, scheme, or artifice to defraud;
  • b) to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or
  • c) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.

In May 2019, U.S. Attorney Berman announced the unsealing of a guilty plea, on May 8, 2019, by Renwick Haddow, a/k/a “Jonathan Black,” in which he admitted to his own involvement in the fraudulent scheme related to Bar Works, as well as to making material misrepresentations and misappropriating investment funds in another company created by him called Bitcoin Store Inc.

Haddow was originally charged in June 2017 and extradited from Morocco in April 2018. He pleaded guilty to an Information charging him with wire fraud and conspiracy to commit wire fraud and is cooperating with the Government in the criminal investigation.

Read this next

Institutional FX

Eurex reports mixed volumes for November 2022

Deutsche Börse’s derivatives-focused exchange, Eurex today said its total traded derivatives contracts grew by 10 percent in November, from 68.6 million to 75.3 million compared to the same month last year.

Digital Assets

AAX’s Nigerian customers storm local office amid withdrawal halt

According to the Nigerian media, angry consumers of the troubled crypto exchange AAX had stormed its local office hoping they can get their money back after the firm halted operations earlier in November.

Digital Assets

As SPAC bubble bursts, Circle terminates its $9 billion merger with Concord

USDC stablecoin issuer, Circle has terminated its planned $9 billion SPAC merger with publicly traded blank-check company Concord Acquisition Corp.

Institutional FX

Integral reports lowest FX volume in two years

Foreign exchange trading volumes dropped in November across Integral’s trading platforms as currency markets saw a relatively quiet period after consecutive months of strong trading activity.

Technology

CDEX: Avelacom announces connectivity to Cboe Europe Derivatives

“We anticipate that many of our customers from Asia will be particularly interested in getting exposure to pan-European products via just one venue, which CEDX offers.”

Retail FX

BUX acquires Spanish Ninety Nine’s retail brokerage unit

“Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”

Digital Assets

SEBA and HashKey partner to expand crypto in Hong Kong and Switzerland

SEBA Bank AG has announced a new strategic partnership with HashKey Digital Asset Group as part of both firm’s expansion efforts in Hong Kong SAR. 

Executive Moves

Broadridge appoints Martin Koopman as Chief Product Officer

“Martin has a proven record of driving product innovation both at Broadridge and at previous companies. His vision and proven ability to execute will be invaluable as we become the foremost SaaS provider to the financial services industry.”

Digital Assets

DAM rolls out Moonwalkers v1 testnet ahead of support for yield-generating collateral

“We want to champion innovation by making it easier to securely direct stablecoin liquidity away from Ethereum towards newer networks without the constant vulnerabilities posed by bridges. d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.”

<