US: Brit Extradited from Morocco for $36 Million Fraud
A British citizen was arrested in Morocco and extradited to the US for misusing investor funds and misleading investors in entities he controlled, the Department of Justice said Friday.
Renwick Haddow, 49, allegedly misrepresented the management and historical performance of two companies he controlled – Bitcoin Store Inc. and Bar Works Inc. – as well as other related entities. For this, he was charged with two counts of wire fraud, each carrying a maximum sentence of 20 years.
Through InCrowd Equity Inc., Haddow solicited investments. InCrowd was represented as a crowdfunding portal created to find investors for start-up companies it supposedly vetted.
According to the Department of Justice which worked together with the FBI, Haddow did not disclose his ownership interest in InCrowd, Bitcoin Store and Bar Works.
Moreover, Haddow allegedly misused funds invested in Bitcoin Store and Bar Works for his own use and the use of others.
By concealing his interest in Bitcoin Store and fabricating an “experienced team of leading investment professionals,” Haddow allegedly lied to investors.
He also allegedly created the alias of “Jonathan Black” –– a fictional character with an extensive background in finance and who had a role in setting up the car-sharing app Car Share – to hide his role in Bar Works.