CFTC Fines ВТС Trader $ 1.1 Million for Fraud
November 13, 2018
A ВТС-trader got fined over $1 million and jailed by the US Commodity Futures Trading Commission (CFTC). The trader was accused of initiating a fraudulent scheme with BTC and LTC.
Citing the data published by the Commission November 9, Joseph Kim is charged with stealing money from investors via his scheme. Moreover, he has acquired recently over $600,000 at his former employer.
As the company wanted Kim to report on the lost funds, he lied that he had to transfer them due to security threats the platform could have faced. As soon as the company detected the theft Kim was fired.
Moving on Kim began extorting funds from credent investors to win back and recover the money to the former employer. As a result, from 2017 to early 2018 he gained around $500,000 from five victims of illegal manipulations.
Kim deceived his clients and told he had voluntarily left his previous job to start his own trading platform. As a result he lost all stolen funds in risky deals.
Now Kim faces a $1.1-million fine, ban on any trading activity and 15-month imprisonment.