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Monday, October 14, 2019

SEC charges clandestine founder of Bitcoin platform with fraud

By Mark Iandolo | Jul 11, 2017

WASHINGTON (Legal Newsline) — The Securities and Exchange Commission (SEC) announced June 30 that it has filed charges against Renwick Haddow, a British citizen living in New York, for allegations of bilking investors in two different companies.

Haddow was the founder of a purported Bitcoin platform and a chain of co-working spaces located in former bars and restaurants. Haddow purportedly offered materials to investors that misrepresented his business offerings. The SEC alleges he said he had elite senior executives in the fold that did not exist and said the companies earned substantially more profit than they actually did.

“As alleged in our complaint, 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,” said Andrew M. Calamari, director of the SEC’s New York Regional Office.

Handling the case for the SEC are Maureen P. King, Preethi Krishnamurthy, Neil Hendelman, Christopher J. Dunnigan and Sandeep Satwalekar, all supervised by Lara Shalov Mehraban. The SEC noted its appreciation the for the U.S. Attorney’s Office for the Southern District of New York and the Federal Bureau of Investigation for assisting in the case.

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U.S. Securities and Exchange Commission