ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Tuesday Jan 16th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Moroccan Police Arrest Alleged Cryptocurrency Investment Charlatan

By

Matthew

De Silva

WriterETHNews.com

An unidentified source reported that Moroccan authorities have arrested Renwick Haddow, a British man charged with securities fraud in the United States. The US SEC alleges that Haddow, a former New York resident, solicited investors for a non-existent bitcoin trading platform, duping them out of their money.

According to an unidentified source, on Wednesday, July 26, 2017, Moroccan police in Tangiers arrested Renwick Haddow, a man charged with securities fraud by the US Securities and Exchange Commission (SEC). After appearing before the public prosecutor in Tangiers, Haddow was taken to a prison in Salé, close to the Moroccan capital, Rabat. The Moroccan Court of Cassation will consider his extradition.

On June 30, 2017, the SEC filed charges against Haddow, accusing him of failing to register his firm as a broker-dealer and creating front companies for an investment scam. Haddow solicited investors for two fake companies, Bitcoin Store, a purported bitcoin trading platform, and Bar Works, a flexible workspace firm.

According to Andrew M. Calamari, director of the SEC’s New York Regional Office, “Haddow created two trendy companies and misled investors into believing that highly-qualified executives were leading them to quick profitability.”

The SEC alleges that these “executives” never existed. The SEC further asserts that Haddow siphoned approximately $5 million using the front companies Bar Works and Bitcoin Store, and diverted the funds to offshore accounts in Mauritius and Morocco.

It appears that Haddow exploited bitcoin’s name to solicit investors chasing terrific returns. The charges against him, however, are not related to the SEC’s recent report on token offerings and securities.

Over the next few years, for every successful token offering and subsequent powerhouse company, there may be a handful of companies that will falter. In the cryptocurrency community, it’s vital to distinguish between classic cases of financial fraud (like Haddow’s) and actual companies that fail to deliver on their promises.

Matthew De Silva

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Renwick Haddow, scams or other Ethereum world news.