The SEC Isn’t Done Yet, Files Documents To Reopen Bitcoin Scam Case; Seeking Monetary Relief

The U.S. Securities and Exchange Commission (SEC) has decided to revisit the Renwick Haddow case, a Bitcoin-related fraud where investors were stripped of a combined amount of $37 million.

According to news outlet, Cointelegraph, the SEC expressed their intentions in a letter sent to Judge Lorna G. Schofield, who has to give the approval needed to dig deeper into things.

Arrested in 2017, Haddow supposedly took part in Bitcoin investment schemes that sold falsified investments in restaurants and bars in different parts of the U.S. and Istanbul, all of which was successfully fulfilled using a desking business called Bar Works and Bitcoin Store Inc. The fraudster was able to mislead and steal from over 100 UAE (United Arab Emirates) investors, most of whom lost millions of dollars.

According to the claims made, the court supposedly gave partial consent judgement on Haddow in September of this year, however, Judge Schofield ended up closing the file early this December. The problem is that there are still things that need resolving.

To be more specific, two things are expected to arise as a result of Haddow’s sentencing deems Finance Feeds. First, the SEC expects to have reached the monetary relief and second, they are hoping to seek monetary relief for themselves. That said, the wait will have to continue, as how things will move forward, rests in the hands of Judge Schofield.

Bitcoinist also reported on this matter, elaborating on the consequences faced by Haddow as per the judgement. The court has placed several restrictions on what the con artist can do. In particular, Haddow is no longer allowed to use any national securities exchange nor is he allowed to involve himself in interstate commerce.

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