Renwick Haddow, a British citizen and alleged Bitcoin fraudster has been extradited from Morocco to the U.S. and appeared in a Manhattan District Courtroom on Friday, the U.S. Section of Justice (DoJ) declared April 13.
The DoJ grievance alleges Haddow, 49, “misappropriated investor funds” and “made phony and misleading representations” to investors in Bitcoin Shop, Bar Performs, and connected strategies, from Nov. 2014 through June 2017. He has been charged with two counts of wire fraud – for Bitcoin Shop and Bar Will work respectively – with every carrying a highest sentence of 20 a long time in prison.
Haddow was taken into law enforcement custody in Tangiers past July right after Interpol issued a warrant for his arrest. The warrant followed the SEC’s purposes for ultimate default judgements versus a few of Haddow’s techniques, purchasing him to pay out penalties in extra of $83 mln for securities fraud.
Bitcoin Store was purportedly a crypto trade, despite the fact that the SEC alleged investor cash were being diverted and the exchange under no circumstances grew to become “profitable”. Bar Will work, meanwhile, illicitly leased co-doing work house expert services to traders about the globe. The SEC alleged Haddow defrauded buyers out of more than $37 mln in overall. In both equally techniques, Haddow is said to have hid his involvement below false identities.
Previously this month, the SEC charged a fraudulent superstar-endorsed ICO with illicitly increasing $32 mln in unregistered investments. In mid-March, the SEC’ Enforcement Division co-director verified the agency is currently conducting “dozens” of cryptocurrency-linked investigations throughout the U.S.