News world <\/p>\n
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. <\/p>\n
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 Sal, close to the Moroccan capital, Rabat. The Moroccan Court of Cassation will consider his extradition. <\/p>\n
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. <\/p>\n
According to Andrew M. Calamari, director of the SECs New York Regional Office, Haddow created two trendy companies and misled investors into believing that highly-qualified executives were leading them to quick profitability. <\/p>\n
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. <\/p>\n
It appears that Haddow exploited bitcoins name to solicit investors chasing terrific returns. The charges against him, however, are not related to the SECs recent report on token offerings and securities. <\/p>\n
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, its vital to distinguish between classic cases of financial fraud (like Haddows) and actual companies that fail to deliver on their promises. <\/p>\n
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. <\/p>\n
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