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Justice News

Department of Justice
U.S. Attorney’s Office
District of Massachusetts

FOR IMMEDIATE RELEASE
Monday, April 4, 2016

Wellesley Executive Sentenced to Prison for Million-Dollar Embezzlement

BOSTON – The former controller of a Cambridge-based technology company was sentenced in U.S. District Court today for embezzling $1 million from the company. 

Andy Kim, 44, of Wellesley, was sentenced by U.S. District Court Judge F. Dennis Saylor, IV to 18 months in prison and year of supervised release.  In December 2015, Kim pleaded guilty to two counts of wire fraud.

Kim worked at the company from 2004 until he was fired in July 2015 after the discovery of the theft.  Kim stole $500,000 from the company on two separate occasions, once in July 2014 and again in June 2015.  On both occasions, Kim had access to the company’s checking account.  He 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 wired the money to a bank account belonging to a Massachusetts real-estate investment company.  After the July 2014 transfer, the real estate company forwarded the funds to Kim’s personal bank account.  In the second fraudulent transfer, Kim arranged for the money to be wired to the real estate company, and then invested the funds on his behalf.

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. This case was prosecuted by Assistant U.S. Attorney Brian A. Pérez-Daple of Ortiz’s Economic Crimes Unit.

Topic: 
Financial Fraud
Updated April 5, 2016