|Nov 20, 2018 03:00 PM||By: John Patrick Mullin | 1945 Views|
An Arizonian guy is sentenced to 15 months in jail for taking from his company and deceiving investors to improve himself.
A 24-year old citizen of Phoenix, Arizona was sentenced to 15 periods in jail after taking from the company he served for in the form of cryptocurrency.
Joseph Kim managed to work as an assistant merchant at Consolidated Trading, a cryptocurrency trading desk, during which he was advised to have taken around $600,000 in the form of Bitcoin (BTC) and Litecoin (LTC).
The company once asked him after noticing a deficiency in funds, but Kim answered all the “allegations.” However, after some time, it was rather clear that he was the actor after all the loss. Thus the company chose to fire him.
Following the release, he began to lie to his close friends and colleagues by stating that he intentionally left the company to start his own speculation company, to get their money.
Some of them ordered into his words and even presented him their retirement savings, which he used to improve himself, as described by BTC Manager.
According to the report, Kim is convicted of bringing in a total of $1,145,000, $600,000 of which was in the form of BTC and LTC from the business he ran for and around $545,000 from the funds he received from his colleagues.
Throughout the trial, four investors showed against the Arizona resident, while the Commodity Futures Trading Commission (CFTC) also filed statements upon him, on which he declared wrong to them.
On the sentence, the Assistant US Attorneys in the assessment of the case stated, “The criminal law system will continue to hold traders and investment authorities responsible for dishonest practices.”