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New York Man Sentenced to Four Years in Prison for Allegedly Manipulating $7 Million Cryptocurrency Investment Scheme
Summary: According to reports, Douglas Jae Woo Kim has been sentenced to 48 months in federal prison for defrauding investors of over $7 million in cryptocurrency and other funds. The verdict was announced by Senior Judge Charles R. Breyer of the U.S. District Court. During a three-week trial in February 2025, the 32-year-old New York resident ...
According to reports, Douglas Jae Woo Kim has been sentenced to 48 months in federal prison for defrauding investors of over $7 million in cryptocurrency and other funds. The verdict was announced by Senior Judge Charles R. Breyer of the U.S. District Court.
During a three-week trial in February 2025, the 32-year-old New York resident was found guilty by a federal jury of 14 counts of wire fraud, international money laundering, and money laundering, with one count of international money laundering being dismissed. At today's sentencing hearing, Judge Breyer dismissed one of the money laundering charges based on jurisdictional grounds. Court documents and trial evidence revealed that from October 2017 to June 2020, Kim, who had relocated to San Francisco, defrauded multiple friends and family investors by posing as a legitimate cryptocurrency trader. He falsely claimed to need short-term liquidity funds for cryptocurrency trading or other legitimate business purposes, assured victims of zero or very low risk loans, promised high returns, and claimed to have sufficient funds for personal guarantees.
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Link: New York Man Sentenced to Four Years in Prison for Allegedly Manipulating $7 Million Cryptocurrency Investment Scheme [Copy]
