Wellesley Executive Arrested for Million-Dollar Embezzlement
BOSTON - October 07, 2015 - The former controller of a Cambridge-based technology company was arrested today for embezzling $1 million from the company.
Andy Kim, 43, of Wellesley, was arrested this morning and charged in a criminal complaint with one count of wire fraud. Kim had an initial appearance this afternoon before U.S. District Court Magistrate Judge M. Page Kelley.
According to the complaint, Kim worked at the company from 2004 until he was fired in July 2015 after the discovery of the theft. Kim allegedly stole $500,000 from the company on two separate occasions, once in July 2014 and again in June 2015. On both occasions, Kim, who as the company’s controller, had access to its checking account. He allegedly 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.
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 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.
U.S. Attorney’s Office
District of Massachusetts
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