CFTC Says Bitcoin Trader Who Lost $1.1M Will Serve 15 Months in Jail
The Commodity Futures Trading Commission (CFTC) discovered that a former worker of Consolidated Trading will serve 15 months in prison and pay $1.1 million for Bitcoin fraud.
EMPLOYER TIPPED OFF AUTHORITIES
According to sources adding US regulator the Commodity Futures Trading Commission (CFTC) and a social media commentator citing “people close” to the matter, Joseph Kim misplaced CT over $600,000 via stealing price range to finance cryptocurrency trades long past wrong.
He also misplaced a extra $545,000 he acquired from investors after he advised them he had left the agency to bounce his own buying and selling business.
Issuing an order submitting and settling fees towards Kim November 9, the CFTC famous it had long past after him utilizing its Division of Enforcement’s Virtual Currency Task Force.
The illicit sports took location among September 2017 and round March 2018, with Kim first submitting a responsible plea in June.
In addition to the custodial sentence, he ought to pay off in complete all price range he misplaced for this reason of misappropriation or bad trades.
CFTC ‘COMMITTED’ TO PATROLLING CRYPTO REALM
“Today’s Order stands as yet one other within the string of instances exhibiting the CFTC’s commitment to actively police the digital forex markets and defend the public interest,” CFTC Director of Enforcement James McDonald commented in a press release.
“In addition, the crook indictment and sentence reaffirms the CFTC’s commitment to operating in parallel with our companions on the Department of Justice to root out misconduct in those markets.”
The regulatory crackdown within the US relating to cryptocurrency process in fresh years has quite often been quickly to root out traders, in particular, Bitcoinist reporting on how its energy to prosecute was cemented by the courts final month.
According to the Twitter account recognized as I Am Nomad, CT have been conscious of Kim’s machinations whereas he was carrying them out, picking to instigate authorized proceedings with out his knowledge.
EMPLOYER TIPPED OFF AUTHORITIES
According to sources adding US regulator the Commodity Futures Trading Commission (CFTC) and a social media commentator citing “people close” to the matter, Joseph Kim misplaced CT over $600,000 via stealing price range to finance cryptocurrency trades long past wrong.
He also misplaced a extra $545,000 he acquired from investors after he advised them he had left the agency to bounce his own buying and selling business.
Issuing an order submitting and settling fees towards Kim November 9, the CFTC famous it had long past after him utilizing its Division of Enforcement’s Virtual Currency Task Force.
The illicit sports took location among September 2017 and round March 2018, with Kim first submitting a responsible plea in June.
In addition to the custodial sentence, he ought to pay off in complete all price range he misplaced for this reason of misappropriation or bad trades.
CFTC ‘COMMITTED’ TO PATROLLING CRYPTO REALM
“Today’s Order stands as yet one other within the string of instances exhibiting the CFTC’s commitment to actively police the digital forex markets and defend the public interest,” CFTC Director of Enforcement James McDonald commented in a press release.
“In addition, the crook indictment and sentence reaffirms the CFTC’s commitment to operating in parallel with our companions on the Department of Justice to root out misconduct in those markets.”
The regulatory crackdown within the US relating to cryptocurrency process in fresh years has quite often been quickly to root out traders, in particular, Bitcoinist reporting on how its energy to prosecute was cemented by the courts final month.
According to the Twitter account recognized as I Am Nomad, CT have been conscious of Kim’s machinations whereas he was carrying them out, picking to instigate authorized proceedings with out his knowledge.
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