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NY Man Charged With Running $4.5M Crypto Scheme

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > NY Man Charged With Running $4.5M Crypto Scheme

NY Man Charged With Running $4.5M Crypto Scheme

Law360 (July 16, 2020, 2:42 PM EDT) — Federal prosecutors have charged a New York man with running a cryptocurrency scheme in which they allege he bilked investors out of $4.5 million and transferred the funds to online gambling sites outside the U.S.

Prosecutors in the U.S. Attorney’s Office for the Northern District of California charged Douglas Jae Woo Kim, 27, of New York, with wire fraud, alleging he solicited business loans from friends and acquaintances for bogus cryptocurrency investments.

The criminal complaint was filed on July 9, and Kim made his first court appearance on Wednesday before U. S. Magistrate Judge Sallie Kim in California, according to prosecutors….

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