Joseph Kim, a 24-year old Phoenix, Arizona resident has been sentenced to one and half year in jail for defrauding his former employers, Consolidated Trading and friends over $1 million in bitcoin (BTC) and litecoin (LTC), using the funds for his personal enrichment, reported Finance Magnates on November 18, 2018.
Another Bad Actor Goes Down
According to sources close to the matter, Joseph Kim, a 24-year old former assistant trader at Consolidated Trading, a Chicago-based firm that initially deals on currencies and commodities trading, has been sentenced to a 15-month jail term for bitcoin-related fraud.
Kim who worked as an assistant trader at cryptocurrency trading desk Consolidated Trading has reportedly been convicted of stealing roughly $600,000 in bitcoin and litecoin from the firm, while also duping his close friends by $545,000, using the entire $1.145 million for his interests.
Once the firm noticed the shortage in their funds, Kim was asked if he had a hand in it, but he vehemently denied.
However, the fraudster’s illicit act was eventually uncovered, prompting the firm to fire him.
Per the indictment, after losing his job, Kim started soliciting funds from his close friends and acquaintances, lying to them he voluntarily left his job to begin own cryptocurrency trading venture.
Unfortunately, some of Kim’s victims reportedly gave him their retirement savings, of which he misappropriated and presented them with fake documentation showing his trades were profitable.
Guilty As Charged
While Kim pleaded guilty to a count charge of wire fraud,