• Latest
US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes

US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes

November 12, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Litecoin

US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes

coinnewsdaily by coinnewsdaily
November 12, 2018
in Litecoin
0
US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022

U.S. citizen Joseph Kim of Phoenix, Arizona has been fined $1.1 million and sentenced to 15 months in jail for misappropriating Bitcoin (BTC) and Litecoin (LTC) from several people, the U.S. Commodity Futures Trading Commission (CFTC) reports Friday, Nov. 9.

The CFTC found out that Kim defrauded his employer, a Chicago-based proprietary trading firm, transferring approximately $601,000 worth amount of BTC and LTC to his own accounts in 2017. When asked about missing cryptocurrencies, Kim falsely claimed that security issues made him transfer digital currencies to several accounts. Shortly after, the misappropriation was discovered and Kim was fired.

Kim reportedly then defrauded private investors in order to return funds to his employer. According to the CFTC, he lured around $545,000 worth of cryptocurrencies from five individuals, falsely stating that he had left the company voluntarily to start his own trading company. Kim later lost all the investors’ funds following a high-risk bet.

Given the circumstances of the case, the CFTC has ordered Kim to pay $1.1 million in restitution to his company and customers. Moreover, the commission has imposed a permanent trading and solicitation ban on him.

In a separate criminal action brought by the U.S. Attorney for the Northern District of Illinois, Kim pleaded guilty to defrauding his employer and misappropriating private investors’ funds, and has received a 15 month sentence.

The CFTC Director of Enforcement, James McDonald, says the commission will continue to cooperate with the U.S. Department of Justice (DoJ) and the FBI in order to prevent crypto-related crimes.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with operating an unregistered securities exchange. He agreed to pay up to $400,000 in fines for an 18 month operating period.



Credit: Source link

Tags: Litecoin
Share76Tweet48
Previous Post

Singapore’s Central Bank, SGX Develop Blockchain Settlement System

Next Post

Hash Power Favors Craig Wright Camp in Looming Bitcoin Cash Fork

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |
Bitcoin

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing
Bitcoin

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022
Bull or bear market, creators are diving headfirst into crypto
Alt Coin

Bull or bear market, creators are diving headfirst into crypto

April 2, 2022
crypto listing and delisting announcements: week 9
Alt Coin

Crypto Listing and Delisting Announcements: Week 9

February 28, 2022
unstable markets how to invest in cryptocurrency
Alt Coin

How to invest in cryptocurrency when the market is uncertain, explained

December 21, 2021
be your own banker secrets
Alt Coin

Bitcoin and Crypto Wallet Hygiene 101

November 22, 2021
Load More
Next Post
Hash Power Favors Craig Wright Camp in Looming Bitcoin Cash Fork

Hash Power Favors Craig Wright Camp in Looming Bitcoin Cash Fork

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$27,308.001.09%
  • ethereumEthereum(ETH)$1,776.833.87%
  • tetherTether(USDT)$1.00-0.09%
  • binancecoinBNB(BNB)$313.721.22%
  • rippleXRP(XRP)$0.529.06%
  • cardanoCardano(ADA)$0.3689726.57%
  • dogecoinDogecoin(DOGE)$0.0738910.93%
  • matic-networkPolygon(MATIC)$1.094.41%
  • solanaSolana(SOL)$20.533.83%
  • polkadotPolkadot(DOT)$6.063.78%
  • litecoinLitecoin(LTC)$89.190.29%
  • shiba-inuShiba Inu(SHIB)$0.0000101.14%
  • tronTRON(TRX)$0.0642791.12%
  • daiDai(DAI)$1.000.06%
  • chainlinkChainlink(LINK)$6.952.14%
  • cosmosCosmos Hub(ATOM)$11.214.17%
  • leo-tokenLEO Token(LEO)$3.421.18%
  • ethereum-classicEthereum Classic(ETC)$20.111.86%
  • moneroMonero(XMR)$154.602.56%
  • stellarStellar(XLM)$0.0992267.02%
  • okbOKB(OKB)$42.921.54%
  • bitcoin-cashBitcoin Cash(BCH)$120.740.24%
  • filecoinFilecoin(FIL)$5.564.25%
  • crypto-com-chainCronos(CRO)$0.0674050.25%
  • vechainVeChain(VET)$0.0225032.78%
  • internet-computerInternet Computer(ICP)$4.862.97%
  • algorandAlgorand(ALGO)$0.2032461.73%
  • eosEOS(EOS)$1.113.06%
  • elrond-erd-2MultiversX(EGLD)$42.163.01%
  • aaveAave(AAVE)$70.692.12%
  • tezosTezos(XTZ)$1.091.17%
  • theta-tokenTheta Network(THETA)$0.981.00%
  • neoNEO(NEO)$12.55-1.16%
  • paxos-standardPax Dollar(USDP)$1.000.13%
  • havvenSynthetix Network(SNX)$2.393.48%
  • bitcoin-cash-svBitcoin SV(BSV)$35.26-0.22%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.631.28%
  • dashDash(DASH)$56.721.40%
  • makerMaker(MKR)$672.82-0.78%
  • huobi-tokenHuobi(HT)$3.630.84%
  • iotaIOTA(MIOTA)$0.2045972.91%
  • zilliqaZilliqa(ZIL)$0.0274436.00%
  • zcashZcash(ZEC)$36.381.17%
  • basic-attention-tokenBasic Attention(BAT)$0.2472585.19%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.0385893.39%
  • qtumQtum(QTUM)$3.060.09%
  • kusamaKusama(KSM)$33.495.89%
  • compound-governance-tokenCompound(COMP)$41.772.45%
  • yearn-financeyearn.finance(YFI)$8,511.735.22%
  • bitcoin-goldBitcoin Gold(BTG)$14.28-7.32%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • omisegoOMG Network(OMG)$1.78-5.08%
  • golemGolem(GLM)$0.2356295.96%
  • wavesWaves(WAVES)$2.082.57%
  • sushiSushi(SUSHI)$1.055.03%
  • ontologyOntology(ONT)$0.2245453.23%
  • digibyteDigiByte(DGB)$0.0094171.05%
  • umaUMA(UMA)$2.09-6.48%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%