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Million-Dollar Embezzlement Scheme Unravelled
BOSTON – In a shocking turn of events, Andy Kim, 43, of Wellesley, was arrested this morning and charged with a $1 million embezzlement scheme from a Cambridge-based technology company.
Kim, the former controller of the company, allegedly stole $500,000 on two separate occasions – once in July 2014 and again in June 2015. As the company’s controller, Kim had access to its checking account and disguised the transactions as transfers of capital to the company’s owner, fabricated records that purported to document legitimate capital transfers, and then planted those records in the company’s files.
On both occasions, Kim allegedly wired the money to a bank account belonging to a Massachusetts real-estate investment company. After the fraudulent transfer in July 2014, the president of the real-estate company wrote Kim ten consecutively numbered checks, each for $50,000. Kim periodically deposited those checks into his personal checking account, and then transferred the money, in installments, to another bank account he controlled.
Kim’s alleged scheme was uncovered after he was fired from the company in July 2015. The company’s owner discovered the theft and alerted authorities, leading to a thorough investigation by the FBI. United States Attorney Carmen M. Ortiz and Harold H. Shaw, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement today.
The case is being prosecuted by Assistant U.S. Attorney Brian A. Pérez-Daple of Ortiz’s Economic Crimes Unit. The details contained in the complaint are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Kim had an initial appearance this afternoon before U.S. District Court Magistrate Judge M. Page Kelley. He is currently being held without bail pending a further court appearance. The FBI and the U.S. Attorney’s Office urge anyone with information about this case to come forward and assist in the ongoing investigation.
Kim’s arrest marks a significant blow to the tech industry, which has seen a rise in cases of white-collar crime in recent years. The FBI and the U.S. Attorney’s Office are working tirelessly to bring those responsible to justice and to protect the public from financial crimes.
This case serves as a reminder to businesses and individuals alike to be vigilant and to report any suspicious activity to the authorities. The FBI and the U.S. Attorney’s Office are committed to protecting the public and upholding the law.
As the investigation continues, the FBI and the U.S. Attorney’s Office will work together to ensure that justice is served and that those responsible for this egregious crime are held accountable.
Key Facts
- State: Massachusetts
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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