Auckland woman accused of using stolen $1.4m to buy house following disappearance of crypto savings
An Auckland resident, who must remain unnamed for legal reasons, found herself in a precarious situation when her investment in Bitcoin, which she had been accumulating for years alongside her partner, vanished unexpectedly. The couple had been planning to cash in on their cryptocurrency savings to purchase a new home, feeling the pressure to move out of the house they shared with her partner’s parents. However, after experiencing the loss of their Bitcoin savings, the woman resorted to illegal means to fulfill their dream of homeownership.
Her attorney revealed to the court during her sentencing that the woman had swindled approximately $1.4 million from the law firm where she was employed, using the stolen funds to secure a new residence. Despite claims that the stolen money was intended for a house purchase, doubts have been cast on the existence of the alleged Bitcoin investment. As a result of the fraudulent actions, both the woman and her former employer were granted permanent name suppression, with concerns raised by company directors regarding the potential harm to their reputation and business if the details of the deception were made public.
The betrayal felt by the victim company was palpable, with the judge expressing disappointment and anxiety on behalf of the company directors, whose trust in their once-loyal employee had been shattered. The impact of the theft was profound, deeply affecting the foundation and operations of the company. Court records detailed the woman’s contract to acquire a new house, worth $1.35 million, with a scheduled settlement date in November. However, when the payment deadline passed without the required funds, the woman resorted to deceitful tactics to finalize the purchase.
Creating a fictitious client statement on the company’s internal system, the woman fraudulently transferred $170,000 to another law firm involved in the house sale, followed by an additional $1,206,000 a week later, under the guise of a “loan”. The scheme unraveled when her partner raised concerns unrelated to the fraud with her employers, leading to the discovery of the illicit activity. Despite the woman’s assertions of a financial crisis prompted by her lost Bitcoin investment, there is no concrete evidence to support these claims.
The woman also misappropriated an extra $26,000 for expenses related to the new home, including furnishings, legal costs, and late payment fees. While acknowledging the lack of sophistication in the woman’s actions, the judge emphasized the breach of trust and premeditation involved in the crime. The company managed to recover most of the stolen funds through the sale of the house and insurance reimbursements, leaving a balance of $74,000. Ordered to pay $50,000 in reparations, the woman was sentenced to two years’ imprisonment, with the option of a non-custodial alternative based on her remorse, lack of criminal history, and personal circumstances.
Despite her previous positive reputation as a hardworking and dedicated employee, the woman’s actions have had far-reaching consequences, underscoring the severity of white-collar crime and the importance of maintaining integrity in the workplace.
