Bitcoin
BTC$61 243.77

1.02%

Ethereum
ETH$4 109.03

4.38%

Binance Coin
BNB$481.29

0.25%

Cardano
ADA$2.15

0.11%

Tether
USDT$1.000556

0.09%

Solana
SOL$195.86

-3.60%

Executive Spends Embezzled Money on Cryptocurrencies


02 Dec 2019

#Bitcoin

While most actors of the crypto industry are going above and beyond to raise awareness of the general population and investors about the innovative digital currency, and instill trust in the digital money of the next generation, other not-so-interested parties are sometimes unknowingly torpedoing the hard-won reputation of cryptocurrencies.

One of the latest instances of such reputational hazard concerns Dennis Blieden, a former executive at one of Hollywood's numerous digital marketing agencies. According to the press release issued by the U.S. Attorney Office of the Central District of California, Blieden has pleaded guilty of taking the unlawful possession of a staggering sum of $22 million, which belonged to his former employee. Apparently, he didn't think of a better way to spend such a hefty amount of money than gambling with cryptocurrencies, playing online poker, and buying some trendy merchandise and other miscellaneous stuff.

How to steal millions from the employer 


Dennis Blieden is a 30-years old former supervisor and vice president of accounting and finance at one of Hollywood's renowned digital marketing agencies called StyleHaul Inc., which is famous for cooperating with many well-regarded social media influencers and YouTubers. Once based in California, the company had relocated its headquarters to London, though it is unclear whether this migration was caused by the wrongdoings of its previous senior executive or due to an unrelated reason.

While working at StyleHaul, Blieden was responsible for overseeing all the company's financial operations and bank accounts. He used this privileged position to concoct false accounting records that should have had the appearance of payments made to StyleHaul's real customers. However, his fraudulent schemes were not limited to the falsification of account records. Blieden has been cooking the books to the fullest extent by creating false wire transfer confirmations from Western Union, which were also camouflaged as payments to the agency's clients. The fraudster had also been making numerous wire transfers to his personal bank account, describing them as equity draws that StyleHaul had to pay him as per the employment agreement. This "criminal creativity" has been classified by the U.S. Department of Justice as a federal offense that constitutes multiple instances of wire fraud.

But that's not all: Blieden has also been charged with aggravated identity theft for forging the rental lease of a luxurious condo located in Rosarito Beach, one of Mexico's finest ocean resorts. He had transferred $230 thousand via falsified invoices issued to StyleHaul for renting the property for business needs.

The cost of dolce vita


All in all, Dennis Blieden had embezzled around $22 million, which he has subsequently spent on entry tickets to various poker tournaments, paying off his credit card debts, and buying cryptocurrencies, which he also used for gambling purposes. The court documents state that Blieden had written $1,2 million worth of checks to other poker players, and used another $1,1 million to resolve the debt issues. $8,4 million, which constitutes a sizable bulk of stolen money, were being spent on cryptocurrencies, a part of which the perpetrator kept in digital wallets, while the rest had been gambled away in different all-for-crypto online poker tournaments.

The final verdict will be carried out during the sentencing hearing scheduled for March 20, 2020. Blieden will face 22 years of jail time in the federal penitentiary.

Author: Alex Paulson for Crypto-Rating.com

Related

Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin gains $2K in hours after BTC price bounces near previous all-time high
Bitcoin gains $2K in hours after BTC price bounces near previous all-time high
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs
Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs
Next Bitcoin price crash will be shallower than 80%, says Pantera Capital CEO
Next Bitcoin price crash will be shallower than 80%, says Pantera Capital CEO
The price of Bitcoin jumped towards its all-time high on Friday morning
The price of Bitcoin jumped towards its all-time high on Friday morning
Bitcoin to new all time highs?
Bitcoin to new all time highs?
Bitcoin approaches all-time high but hits resistance at $60,000
Bitcoin approaches all-time high but hits resistance at $60,000
New tickers and ARK filing shows Bitcoin futures ETF approval imminent
New tickers and ARK filing shows Bitcoin futures ETF approval imminent

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 243.77 1.02% 1.11% $1 154 572 840 442 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 57 $4 109.03 4.38% 6.19% $485 054 173 428 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 60 $481.29 0.25% 3.23% $80 279 625 910 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 92% 12 $2.15 0.11% -1.89% $70 787 881 107 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000556 0.09% 0.06% $69 612 761 722 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 74.4% 54 $195.86 -3.60% 23.35% $58 918 167 005 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 76% 52 $1.088407 0.20% -5.19% $51 096 748 647 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 62.4% 79 $43.63 -0.29% 3.79% $43 086 190 756 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 70% 56 $0.250784 5.45% 5.27% $33 056 889 048 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000865 0.09% 0.09% $32 551 622 838 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 66.8% 65 $42.68 -0.63% 15.43% $17 137 911 904 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 73.6% 48 $26.59 3.60% -2.02% $16 261 823 078 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 65 $65.13 -0.86% 8.98% $14 346 523 240 AVAX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 76.4% 47 $30.61 7.77% 9.88% $14 113 775 739 LINK 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 64% 75 $61 285.05 0.88% 1.17% $13 592 575 892 WBTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.