Finance News

Discussions in US case against cryptocurrency fraudster Renwick Haddow to continue

A month after his extradition to the United States, Haddow gets extra time for discussions concerning the possible disposition of the case against him.

As FinanceFeeds has reported, prominent fraudster Renwick Haddow was extradited from Morocco to the United States in April this year. His initial appearance before the New York Southern District Court was held on April 13, 2018. He has been detained since.

Haddow was supposed to hear the indictment in his case on May 14, 2018, but he was granted extra time for discussions with the US Government.

As per the latest Court filings, Justin V. Rodriguez, Assistant United States Attorney, declared his support of an order of continuance of the time to file an indictment. He said he was engaged in discussions with defense counsel concerning a possible disposition of this case (that is, sentencing or settlement – Ed.). The negotiations have not been completed yet.

Magistrate Judge Barbara C. Moses of the New York Southern District Court has issued an order of continuance. As a result, the Government has 30 more days, that is, until June 13, 2018, to engage in further discussions with the defendant or to charge him in an indictment. The Judge found that such a continuance best serves the ends of justice.

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.

According to the Complaint against Haddow, who is a citizen of the United Kingdom, he 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.

The case is captioned USA v. Haddow (1:17-mj-04939).

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