Founder of Bitcoin Stores Charged With Fraud in US,...
Array

Founder of Bitcoin Stores Charged With Fraud in US, Faces Legal Action in UK

-

- Advertisment -

The SEC has charged Renwick Haddow, the founder of Bitcoin Stores Inc and Bar Works Inc, with cheating investors and hiding information from them. 

Who is Renwick Haddow?

Renwick Haddow is a UK-originated businessman, living in the US, who started companies like Bitcoin Stores Inc and Bar Works. Bar Works claimed to be a flexible workspaces firm which provided workspaces in old bars and restaurants.

Bitcoin Stores Inc claimed to be an easy-to-use and secure way of holding/trading Bitcoin. Renwick Haddow was the CEO of Capital Alternatives, a firm which is facing action by the UK Financial Conduct Authority, for operating a collective investment firm without authorization.

Non-existent Bitcoin Store

While Bitcoin Store investors were given material that claimed it was an easy-to-use and secure way of holding/trading Bitcoin, the SEC states that the Bitcoin Store never had any operations. Investors were told that it generated several million dollars in gross sales, while the bank accounts of the company received less than $250,000 in incoming transfers in 2015.

Haddow is also alleged to have touted the backgrounds of senior executives, who did not exist.

Moreover, the corporate address used for Bitcoin Store matched Haddow’s residential address. The SEC has charged Haddow with fraud and not registering his broker-dealer firm with the SEC as required under federal securities laws.

Bitcoin claims

The only link between Renwick Haddow and Bitcoin is that his store was claimed to be a convenient way to hold/trade Bitcoin.

Bar Works claimed to be the firm which offered flexible workspaces in bars.

Haddow has charges of fraud against him in two different continents. The fact that his latest venture was called Bitcoin Stores Inc is only incidental.

Source link

Latest news

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...
- Advertisement -Founder of Bitcoin Stores Charged With Fraud in US, Faces Legal Action in UK

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

Must read

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that...
- Advertisement -Founder of Bitcoin Stores Charged With Fraud in US, Faces Legal Action in UKFounder of Bitcoin Stores Charged With Fraud in US, Faces Legal Action in UK

You might also likeRELATED
Recommended to you