The former controller of a Cambridge-based technology company was arrested and charged with one count of wire fraud for allegedly embezzling $1 million from the company.
According to the complaint, Andy Kim, of Wellesley, 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 occasions – in July 2014 and again in June 2015. Kim, as the company’s controller, had access to its checking account and allegedly covered up the transactions. He purportedly disguised them as transfers of capital to the company’s owner, fabricated records and included 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. Following the fraudulent transfer in July 2014, the president of the real estate company wrote Kim 10 consecutively numbered checks, each for $50,000. Kim deposited those checks into his personal checking account, later transferring the money in installments into another bank account he controlled, according to the Department of Justice.