SEC Sues A Fintech Start-Up Owner

SEC Sues A Fintech Start-Up Owner

The US Securities and Exchange Commission has filed fraud charges against a UK citizen accused of misleading stakeholders.The SEC is suing Haddow,

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The US Securities and Exchange Commission has filed fraud charges against a UK citizen accused of misleading stakeholders.

The SEC is suing Haddow, who resides in New York, because he has allegedly misrepresented key factors about the company`s operations and the background of senior executives. According to the statement that was quoted in cryptocoinnews.com, the latter “do not appear to exist”.

Haddow has also created a broker-dealer company, called InCrowd Equity, without registering with the agency, as SEC said. For this reason, they accused him of diverting funds raised from investors to bank accounts held outside of the country, as the article explained.

“The SEC alleges that Renwick Haddow, a U.K. citizen living in New York, created a broker-dealer and did not register the firm with the SEC as required under the federal securities laws.”, as SEC wrote in their Litigation Release No. 23870 released on June 30 and available on sec.gov.

“The SEC has obtained an emergency asset freeze against all defendants and relief defendants in the case.”, as SEC added.

The SEC`s investigation is being conducted by Maureen P. King, Preethi Krishnamurthy, Neil Hendelman, and Sandeep Satwalekar, while the case is under the supervision of Lara Shalov Mehraban.

Haddow had previously received an eight-year disqualification in the UK from working as the director of a company. This was due to his involvement with a company called Branded Leisure plc., as cryptocoinnews.com noted.

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