US authorities announce extradition of Bitcoin fraudster Renwick Haddow from Morocco - FinanceFeeds

US authorities announce extradition of Bitcoin fraudster Renwick Haddow from Morocco

Haddow has been charged with two counts of wire fraud, each carrying a maximum sentence of 20 years in prison.

The United States authorities have confirmed the extradition of prominent fraudster Renwick Haddow from Morocco to the United States. He was charged by Complaint in June 2017 for engaging in schemes to defraud victims by making material misrepresentations and misappropriating investment funds in Bitcoin Store Inc. and Bar Works Inc., as well as related entities thet he controlled. In July 2017, Haddow was arrested in Morocco on the basis of a provisional arrest warrant for participating in these schemes.

The Complaint alleges that Haddow, who is a citizen of the United Kingdom, ran his scheme from November 2014 through June 2017 by soliciting 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, inter alia, the management, operations, and historical performance of those companies.

Haddow has been charged 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 sentence of 20 years in prison.

As FinanceFeeds reported in January this year, the New York Southern District Court granted the Securities and Exchange Commission’s applications for final default judgements against three entities run by Haddow.

  • The final judgement as to defendant Bar Works 7th Avenue, Inc says the company should pay $39,506,812.67 to the Securities and Exchange Commission.
  • The final judgement as to defendant Bar Works, Inc says the company should pay $42,222,871.67 to the Securities and Exchange Commission.
  • The final judgement as to defendant Bitcoin Store, Inc says the company should pay $1,623,179.95 to the Securities and Exchange Commission. The penalty for Bitcoin Store consists of disgorgement, interest and a civil monetary penalty of $1.55 million.

JPMorgan Chase & Co. (NYSE:JPM) and JPMorgan Chase Bank, N.A. have been accused of aiding Renwick Haddow, but have sought to rebuff to allegations made by a group of more than 200 defrauded Chinese investors.

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