Lorna G. Schofield, a Judge from the New York Southern District Court, has partly granted a motion put forward by the US Securities and Exchange Commission (SEC). The motion, in particular, is in relation to reopening the court case against one Renwick Haddow. Haddow is a known Ponzi scammer, having run fraudulent schemes like Bitcoin Store Inc and Bar Works.

A Mission for Monetary Penalties

The court order was officially signed on the 10th of December, 2019. The SEC was granted leave to start taking steps to reopen the case in question, should it wish to. With this, the SEC can seek the Court’s approval in regards to either mandating monetary penalties or issuing a final judgement.

The SEC had requested to reopen the action due to the judgement already done on Haddow did not solve the SEC’s claims against him in terms of monetary relief. In other words, the judgement that was ruled didn’t solve the issue of financial penalties that the SEC planned on imposing on Haddow.

The SEC anticipates one of two things to happen when Haddow has finally been sentenced for his relevant crimes. The first is that the affected parties will ultimately reach a settlement when it comes to monetary relief, or otherwise, the regulator will make another motion to do so. In terms of Criminal Matter itself, there isn’t any set date for the sentencing to begin.

The Previous Judgement

The previous consent judgement mandates Haddow to permanently be restrained and enjoined from violating Section 10(b) of the SEC act of 1934 as well as Rule 10b. He is forbidden to use “any means or instrumentality of interstate commerce, or of the mails, or of any facility of national security exchange.”

In particular, the purchase or sale of any security to do various acts. The first being to “employ any device, scheme or artifice to defraud.” The second is to falsely portray material facts, omit material facts that are needed in a statement, or omitting information in statements that would make them misleading, et cetera.

The History Of the Case

Back in May this year, the US Attorney Berman announced unsealing a guilty plea. On the 8th of May, 2019, Renwick Haddow, alias “Jonathan Black,” admitted to his involvement in a fraudulent scheme in relation to Bar Works. He admitted to misrepresentations of materials. He further admitted to having misappropriated investor funding in a company by the name of Bitcoin Store Inc.

The original charge against Haddow was made back in June 2017. He was subsequently extradited from Morocco back in April 2018. He is currently cooperating with the government with the criminal investigation after he pleaded guilty to wire fraud and conspiracy to commit wire fraud.