No Criminal Charges for $3 Million Fraud

Our client was a developer working for various cryptocurrency companies.

In the course of his employment, he transferred 300 million tokens with a total value of approximately $1.4 million to himself illegally.

After a number of years, the company became aware of this and confronted him. By this time the value of the tokens was well over $3 million.

Regrettably, the client did not come to us when he was confronted and agreed to an interview with the company. During the interview, he made admissions to the unauthorised transfer of tokens. It was only once he spoke to us some days later that we explained that doing the interview likley provided the company with evidence which they would not have otherwise.

Given there was no prospect of defending the matter, our client was resigned to police involvement and a significant jail sentence. However, we took a different view.

We contacted the company advising we acted on behalf of our client. We sought a settlement deed of release whereby there would be no report of the matter to police or disclosure to any third parties. The company originally asked for the total $3 million our client had profited from the tokens. However, we were able to limit the amount of money to $1.4 million plus legal costs.

Ultimately, we were able to resolve the matter within a few weeks with no police involvement.

Our client was able to continue with his life without any criminal charges against him.