The SEC’s Push to Reopen the Haddow Case
In a striking move that reminds us all why we should keep our wallet passwords secret, the United States Securities and Exchange Commission (SEC) is requesting a fresh look at the case against Bitcoin scammer Renwick Haddow. It seems that the cries for justice aren’t quieting down as the SEC has officially filed to reopen its claims for monetary relief against Haddow, who allegedly defrauded innocent investors of over $37 million.
A Little Background on the Chaos
Haddow was found guilty back in June 2019, but the story doesn’t end there. On September 10, 2019, a partial consent judgment was slapped on him like a soggy pancake, but a shocking twist followed when Judge Lorna G. Schofield closed the case completely on December 5, leaving the SEC with its monetary penalty hopes dashed. Now, the SEC wants a do-over to settle the score, or in legal terms, it aims to either reach an agreement or potentially pursue monetary penalties.
The Extradition Tale
Funny enough, the saga of Renwick Haddow involves a dash from Morocco to New York. The Department of Justice stepped up to the plate earlier this year after Haddow made the not-so-bright decision to misappropriate funds from unsuspecting investors. His schemes, which included shifty titles like Bitcoin Store and Bar Works, ran from November 2014 until June 2017. Who knew being a Bitcoin con artist had an expiration date?
Crypto Criminals on the Rise
Haddow isn’t the only one getting cozy with the courtroom lately. November saw the New York Southern District Court flex its muscles against another player in the crypto crime realm—Jon Barry Thompson. Thompson found himself in hot water over false Bitcoin representations that left customers reeling for over $7 million. Talk about a bad day at the office!
More Bad News from the Digital Underground
As if that’s not enough to keep your head spinning, Dennis Blieden, a former executive at a Hollywood-based digital marketing firm, also took the guilty plea route for wire fraud and identity theft. Blieden absconded with over $22 million with dreams of living large on cryptocurrency and gambling. Pro tip: if it sounds too ridiculously good to be true, it probably is!
Conclusion: The Future of Bitcoin Regulation
As the SEC pushes to bring Haddow back into the ring, the age of accountability in the crypto world seems to be dawning. As these cases unfold, regulators are working harder than ever to ensure that investors can rest easy knowing that the digital currency playground is being cleaned up, one fraudster at a time.
