Bitcoin fraudster who duped UAE investors admits to scam

      Published on Wednesday, 19 June , 2019      151 Views     
Bitcoin fraudster who duped UAE investors admits to scam

  • Business

The fraudster behind a $50 million Bitcoin scam which duped hundreds of investors around the world – including 150 from the UAE who stand to lose $15 million in total – has confessed his role in the crime.

Renwick Haddow, who now faces up to 40 years in prison, was captured in Morocco in 2017 on an Interpol arrest warrant and extradited to the US over charges of selling non-existent office space under a scheme called Bar Works, and operating a fake Bitcoin trading platform



In a bid to reduce his sentence by co-operating with New York prosecutors, the 50-year-old admitted to two charges of wire fraud in both schemes, according to court documents.

The former British accountant has a history of running investment scams, and was banned as a director by British regulators in 2008 after scamming the publishers of Cosmopolitan magazine.

Last year, the regulators ordered Haddow and others to pay £16.9 million ($21.19 million) for their roles in four unauthorised investment schemes, including a Sierra Leone farming operation and three carbon credit projects.

In order to conceal his role as CEO of Bar Works, Haddow operated under the name ‘Jonathan Black’, and hosted events around the world in Hong Kong, India and Singapore to lure in investors, promising them 12-15 percent annual returns

Haddow’s other business scams include a milk line, glow in the dark plastics, a hotel ownership plan and even an attempt to buy the world’s oldest newspaper, UK-based The Observer.

Haddow’s sentencing date in the US court has yet to be scheduled.

Another accomplice, 58-year-old James Moore, was found guilty this month for conspiring in the scam, which gained him over $1.6 million in commissions, according to a statement from US prosecutors.



“James Moore was part of a ring of insiders who helped conceal that Bar Works was run by a known fraudster. Innocent and unaware investors lost millions of dollars thanks to his contributions to the scheme,” Manhattan US Attorney Geoffrey S. Berman said in a statement.

Keywords:
Category Business | 2019/06/19 latest update at 6:00 PM
Source : Arabian Business | Photocredit : Google
152 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Dubai Today would like to give all of its readers from Gulf and Dubai and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Dubai Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Dubai, the Gulf and the world.


Dubai ruler Shaikh Mohammad Bin Rashid Al Maktoum turns 70 today Emir

Dubai ruler Shaikh Mohammad Bin Rashid Al Maktoum turns 70 today

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler…

Sheikh Mohammed meets Egyptian President in Beijing Emir

Sheikh Mohammed meets Egyptian President in Beijing

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, met President…

HH Sheikh Mohammed Bin Rashid Al Maktoum Emir

HH Sheikh Mohammed Bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid…

HH Sheikh Mohammed Bin Rashid Al Maktoum Emir

HH Sheikh Mohammed Bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid…

GULF TV

Popular in GULF TV

Freelancing in the UAE region

18390 Views

The global freelancing market is set to grow $20bn by 2020. Where does the market stand here in…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government