Infamous Bitcoin Scammer Case Reopened By US SEC

According to recent documents from the United States, the Securities and Exchange Commission (SEC) thinks that the case against the known fraudster and Ponzi schemer, Renwick Haddow, still needs to be properly solved. The infamous bitcoin scammer will be trailed again and we are reading more about it in the bitcoin news now.

It looks like the United States SEC is not satisfied with the decision from the New York Southern District Court judge, in regards to the case against Renwick Haddow. Judge Lorna G. Schofield gave the order for the closure of the said case, which was brought by the SEC against the infamous Bitcoin scammer.

But reading the latest report, we can see that SEC now is seeking to re-open the case, appealing that there are still unsolved several issues, mainly about certain monetary penalties that the US regulating body, wants to be sanctioned on the Ponzi fraudster.

Haddow is well known for a number of high profile schemes, however, his hot-desking operation located in the USA and called Bar Works is likely the most famous. The fraud essentially consisted of selling false investments in unused restaurants and bars throughout a few US cities, including NYC and San Francisco. But he also had a temporary branch in Istanbul. He frauded above 100 UAE investors, who declared losing money in the count of millions of dirhams in this concrete scheme.

The other big scams included making a front corporate network under the name ‘Capital Organization’ that consisted of 30 shell companies guilty for scamming investors out of a total of $180 million, according to a 2015 World Policy report. And there is also Bitcoin Store Inc and his 7^th Avenue firms, which were instrumental in a further $37 million worth of scamming from investors from 2015 to 2017.

At first, the SEC brought the case against Haddow involving several of his fraudulent operations. After the decision of the Court to close the case, the SEC sent letters and requests to the Judge that decided in the case, Lorna G. Schofield, asking for the re-opening of the case by the court. The complaint of the SEC is tied to the issue of monetary penalties and the unresolvedness tied to said penalties. The SEC also expects the outcome from one of two possible scenarios, after the sentencing of Haddow. The first one will include a monetary relief settlement among the parties, while the other will is a motion by the SEC seeking monetary relief on its own.