UK Crypto Scammer Pleads Guilty of Wire Fraud Resulting in $50 Million worth of Bitcoin Scheming
Renwick Haddow — the prime accused in this latest scam — was responsible for operating a fraudulent venture called ‘Bitcoin Store’ through which he was able to acquire several million dollars in an unlawful manner.
Additionally, as per data released by the US Securities and Exchange Commission (SEC), Bitcoin Store’s linked financial accounts were able to rope in less than $250,000 in 2015 (with none of the funds coming from the firm's core clientele.)
Renwick Haddow, the man behind Bitcoin Store and Bar Works — two fraudulent ventures that allegedly stole millions of dollars from their customers — recently pleaded guilty to the charges laid out against him in front of a US court of law.
In all, a report released by the US Department of Justice (DOJ) claims that Haddow and his associates were able to cheat their victims for a total of US $50 million.
The beginning of Haddow’s fraudulent schemes can be traced back to 2008, when he scammed the publishers of Cosmopolitan magazine for a sizeable sum of money. In the past, the FCA has sued Haddow to a tune of £16.9 million ($21.19 million) for carrying out activities related to four scammy investment schemes.
Haddow has often made use of the alias “Jonathan Black” to hide his true identity (especially when working within the US). Not only that, he has also used this fake name to host a number of events throughout the world.
One of Haddow’s core accomplices was James Moore, a British national who helped Renwick in creating a fake financial background for him. As a result of this, Moore is now facing a number of allegations (including wire fraud) from the SEC.
In closing out this piece, it should be pointed out that Haddow was previously arrested in Morocco (back in 2017) by the Interpol. He was later extradited to the US on charges related to wire fraud. In regards to the case, Haddow pleaded guilty on two counts and is now facing a prison sentence of up to 20 years for each charge.
Both Renwick Haddow and James Moore are now facing a total of up to 40 years in prison for their nefarious activities. The prime charges levied against them include wire fraud and wire conspiracy.