Accused Bitcoin Fraudster Extradited to U.S.

Written by:
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Published on:
Apr/15/2018

The FBI has announced it is extraditing a British citizen from Morocco to the United States after he was alleged to have bilked victims out of more than $36 million through scams including bitcoin.  SCROLL DOWN FOR MORE

Rennick Haddow is accused of misappropriating investment funds in two companies, Bitcoin Store and Bar Works and has been charged with two counts of wire fraud.

Haddow was arrested in Morocco under a provisional arrest warrant in July 2017 after the SEC filed fraud charges against him.

According to the SEC complaint, promotional materials presented to investors in both companies showcased senior executives who did not really exist, and misrepresented other key facts about the operations. Haddow allegedly diverted more than 80% of the in funds raised for Bitcoin Store, and sent more than $4 million from the Bar Works bank accounts to Mauritius and another $1 million to Morocco.

“As alleged in our complaint, Haddow created two trendy companies and misled investors into believing that highly-qualified executives were leading them to quick profitability.  In reality, Haddow controlled the companies from behind the scenes and they were far from profitable,” Andrew M. Calamari, Director of the SEC’s New York Regional Office, explained as the time.

If convicted, Haddow could face upwards of 40 years behind bars.

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