• Renwick Haddow created ‘trendy’ companies and duped investors into thinking they were big successes, authorities in New York allege



US authorities on Friday charged a British businessman with securities fraud, accusing him of deceiving investors over what turned out to be a fake trading platform for the cryptocurrency Bitcoin .
The Securities and Exchange Commission (SEC) alleged “the clandestine” Renwick Haddow, a UK citizen living in New York, diverted funds invested in a phoney Bitcoin site as well as from a flexible workspace firm Bar Works into accounts in Mauritius and Morocco, totalling $5m.
It said he touted experienced senior executives as behind the operations who turned out to be phantoms, and misrepresented the details and success of both companies.
Andrew Calamari, director of the SEC’s New York office, said: “Haddow created two trendy companies and misled investors into believing that highly qualified executives were leading them to quick profitability.”
“In reality, Haddow controlled the companies from behind the scenes and they were far from profitable.”
Bitcoin Store claimed to be “an easy-to-use and secure way of holding and trading Bitcoin” that had generated several million dollars in gross sales. The SEC alleged that in fact it never had any operations nor generated the gross sales it touted.
In 2015, Bitcoin Store’s bank accounts allegedly received less than $250,000 in incoming transfers, none of which appear to reflect revenue from customers, the SEC said.
Haddow’s investors pumped more than $37m into Bar Works, which claimed to provide workspaces in old bars and restaurants, but in fact “primarily sold leases coupled with sub-leases that together functioned like investment notes”, the SEC said in a statement.
The commission alleged that throughout Haddow was “hiding his connection” to the companies “given his checkered past with regulators in the UK”, where he has faced similar charges for investment schemes.
According to a report in Crain’s, 27 investors from China filed suit in the state supreme court on 16 June seeking repayment of more than $3m invested in Bar Works, which they called a Ponzi scheme.
Another investment group filed a similar case against Bar Works in Florida in recent weeks.

1 comments:

  1. ◾PROTOCOLHACKS/SHIELDERS◾
    In this message, we will explain you how our service works. Read it carefully. Its reading will not take more than 10mins. We kindly ask you not to answer without have read the entire text. Those who answer without have read everything, ask questions that are answered here!!
    ◾ VERY IMPORTANT
    We assist computer "HACKING"....For years now, We've helped organisations and so many sites, Bank Accounts, school upgrades also clear criminal records of all sort and in short timing hacked petty cyber sites accounts like Skpe, Fb, Whatsapp, Tinder, Twitter but these are significant experience a good and effectively recognized organisation must firmly ascertain and minorly our "AIM" here.
    1◾the aim is to render proficient solution to those having cyber issues and technically needs a hacker to get their job done effectively fast..!!
    2◾ to recruit real hackers (gurus only) in need of job with or without a degree..!!
    So if you ever need a job done or interested in joining the organization (an online binanry exam will be set for those in need of these job) you can write us on
    ◾Protocolhacks@gmail.com
    For those who need not stress using emails you can also write us for help on
    ◾whatsapp:"+19419315082"
    ◾ Cybershieldnotch@gmail.com
    Thank you!!!

    ReplyDelete

Popular Posts

Blog Archive

 
Top