CFTC SAYS BITCOIN TRADER WHO LOST $1.1M WILL SERVE 15 MONTHS IN JAIL
The Commodity Futures Trading Commission (CFTC) revealed that a former employee of Consolidated Trading will serve 15 months in jail and pay $1.1 million for Bitcoin fraud.
EMPLOYER TIPPED OFF AUTHORITIES According to sources including US regulator the Commodity Futures Trading Commission (CFTC) and a social media commentator citing “people close” to the matter, Joseph Kim lost CT over $600,000 through stealing money to finance cryptocurrency trades gone wrong. He also lost a further $545,000 he received from investors after he told them he had left the firm to start his own trading business. Issuing an order filing and settling charges against Kim November 9, the CFTC noted it had gone after him using its Division of Enforcement’s Virtual Currency Task Force. The illicit activities took place between September 2017 and around March 2018, with Kim first filing a guilty plea in June. In addition to the custodial sentence, he must repay in full all funds he lost as a result of misappropriation or bad trades