Still no indictment in criminal case against Ponzi scammer Renwick Haddow

Maria Nikolova

The DOJ has provided a brief update on the criminal case against Haddow, who is known for his fraudulent schemes Bitcoin Store and Bar Works.

The US criminal proceedings against notorious Ponzi scammer Renwick Haddow have not yet led to an indictment, the US Government said on Tuesday, September 4th. The update was provided in relation to a civil case launched by the United States Securities and Exchange Commission (SEC) against Haddow, which has been stayed since July pending the conclusion of the related criminal case.

In the letter to Honorable Lorna G. Schofield, the Department of Justice says that the criminal case has not yet been indicted. Most recently, on August 13, 2018, the Honorable Stewart D. Aaron, United States Magistrate Judge, ordered a 30-day continuance in the interest of justice, given that the parties said they were engaged in discussions concerning a possible disposition of the case.

In June last year, the criminal 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 prison term of 20 years.

Under the allegations, Haddow, 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.

The Criminal Case against Haddow stems from the same set of facts and circumstances that have led to the launch of the Civil Action.

The civil case against Haddow is captioned Securities and Exchange Commission v. Haddow et al (1:17-cv-04950).

Read this next

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets

Crypto.com enables Shopify merchants to accept crypto payments

Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

Digital Assets

Crypto Is An Invaluable Tool In The Fight Against Financial Oppression  

Crypto has proven itself to be much more than just a hot investment. Indeed, some say it’s poised to play a critical role in the future of finance

Executive Moves

Parameta appoints Head of Benchmark and Indices with a focus on ESG and rates

The firm said building out its benchmarks & indices offering will now be a core priority, with a particular focus on the ESG and rates space.

<