US Govt says co-operation of Ponzi scammer Renwick Haddow continues

Maria Nikolova

The parties request that sentencing and all associated sentencing submissions and pre-sentencing report deadlines continue to be adjourned.

The United States Government has earlier today filed a Letter with the New York Southern District Court providing a brief update on the latest developments in the criminal proceedings targeting Renwick Haddow, known for operating fraudulent schemes such as Bar Works and Bitcoin Store Inc.

In the document, seen by FinanceFeeds, the Government says that Haddow’s cooperation with the Government continues, and is expected to continue for the next six months. Accordingly, the parties request that sentencing and all associated sentencing submissions and pre-sentencing report deadlines continue to be adjourned. The parties propose to update the Court within 180 days as to whether sentencing should continue to be adjourned.

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.

The Securities and Exchange Commission (SEC) has also taken action against Haddow. On September 10, 2019, Judge Lorna G. Schofield signed an Order approving a consent judgment in the case brought by the SEC. As per the Order, 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.

The Order leaves open the issue of monetary relief – disgorgement of ill-gotten gains and civil monetary penalties – to be decided at a later time, either through settlement or by motion before the Court.

Read this next

Digital Assets

Mercado Libre launches crypto trading in Chile

Argentine e-commerce giant Mercado Libre (MELI) is continuing with expansion plans for its crypto business with a fresh launch in Chile, a comparatively wealthy South American nation.

Digital Assets

Gemini to launch overseas derivative exchange amid US crackdown

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is reportedly developing an international derivative trading platform in response to a US domestic crackdown on crypto assets.

Digital Assets

Thailand’s SEC to scrap $8,800 limit for retail investment in ICOs

Thailand’s Securities and Exchange Commission (SEC) plans to lift the limit for retail investors who want to participate in initial coin offerings (ICOs) to boost asset-backed digital investments in the country.

Digital Assets

Kraken signs commitment to launch regulated business in Canada

San Francisco-based cryptocurrency exchange Kraken has filed a pre-registration undertaking with a Canadian provincial regulator as it works towards becoming a regulated provider in the country.

Interviews

TT’s Keith Todd brings fixed income and cybersecurity to FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Keith Todd about Trading Technologies’ move to fixed income after nearly 30 years of existence. TT is also proposing cooperation and transparency among competitors to tackle cyber risks.

Digital Assets

Binance joins FIDO Alliance to enhance user security with introduction of passkeys

“With passkeys, a user can quickly and safely sign in across multiple sites, apps, and devices with local biometric authorization. Binance will offer users a more secure and streamlined experience using passkeys on our platform without compromising on security”.

Digital Assets

ipaymy taps TripleA in Singapore for rent, invoices, taxes, salaries in Crypto

“Our white label crypto payment solution enables our partners to reap the benefits of accepting crypto payments, without managing crypto on their balance sheets. This makes it an ideal solution for businesses looking to offer cryptocurrency payments volatility-free.”

Industry News

London and New York rank joint first as top financial centers, according to…London

“The UK remains one of the most open and global financial centres with better access to international markets than the US, France, or Japan. But our competitive advantage is at risk.”

Interviews

Sterling Trading Tech (STT) discusses their Risk & Margin System at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Chief Customer Officer Keith Cacciola and Managing Director of Business Development Andrew Actman about STT’s competitive advantages, the challenges their clients face today, the firm’s product roadmap and new leadership at STT.

<