Chicago trader faces up to 20 years in prison for stealing more than $ 2 million in BTC and LTC from your employer.
Joseph Kim (Joseph Kim), previously involved in the cryptocurrency trading, joined the new division of the company Consolidated Trading LLC, is focused on digital currencies in September 2017. By this time he owned personal cryptocurrency accounts, which are reported to the employer. The company asked him to stop personal trading to avoid conflicts of interest.
However, Kim has translated 980 litecoin (about 48 000 dollars) corporate account in the first weekend after starting work. When the employer found out about this, Kim said that he moved the coins to the «personal digital wallet for security reasons» due to issues with the Hong Kong exchange Bitfinex. Then he lied that the coins were transferred to the wallet of the company.
In November, the trader has sent 55 bitcoins (worth 433 000 dollars) from the corporate wallet to an unknown account. When the company found out about this, Kim said that the transfer was blocked and that he is taking steps to unlock it. Later, he sent back the 27 bitcoins on a corporate account, leaving 28 coins in its possession.
In total, Kim has translated
284 bitcoins ($2.8 million) from the company account to your personal wallet. He later sent back 102 and transferred the remaining coins 182 coins to another account. Of this amount, Kim had lost during personal transactions. Later, he acknowledged that invested in short positions in futures 55 BTC. Kim continued to steal from the company to cover losses and personal investments. Part of the funds the company managed to return and the total losses for business amounted to 603 000 dollars.
In a letter to his boss, Kim admitted:
«I’m not going to steal for themselves. I strangely tried to fix what I already have. I can’t believe I didn’t stop».
Prosecutors accused Kim Internet-fraud for which he faces up to 20 years in prison.