Ex-Microsoft engineer sentenced to 9-year jail for buying house, car through bitcoin fraud

In this news, we discuss the Ex-Microsoft engineer sentenced to 9-year jail for buying house, car through bitcoin fraud.

A former Microsoft engineer has been sentenced to nine years in prison for defrauding the company for more than $ 10 million using Bitcoin. The engineer allegedly used a mixed bitcoin to hide taxable income and filed fraudulent tax returns. According to reports, he used the stolen money to buy a $ 1.6 million lakefront house and a $ 160,000 Tesla vehicle.

Volodymyr Kvashuk, the 26-year-old engineer, who worked at Microsoft from 2016 to 2018, tricked the company into using its test program.

“In February 2020, KVASHUK was found guilty by a jury of five counts of wire fraud, six counts of money laundering, two counts of aggravated identity theft, two counts of filing false income tax returns and one count each of mail fraud, access device fraud. , and access to a protected computer to encourage fraud. During his sentencing hearing, US District Judge James L. Robart said KVASHUK “had no respect for the law,” according to the Western District of Washington statement.

The report alleges that Kvashuk was part of Microsoft’s online retail platform and used this access to test “stored value of currency” (CSV) such as digital gift cards. Using the money he received, he bought a $ 1.6 million lakeside house and a $ 160,000 Tesla vehicle.

Kvashuk not only used his skills to steal digital gift cards, but he also tried to protect himself and pass the blame on his colleagues by using their test email accounts.

“Stealing from your employer is bad enough, but stealing and pretending your coworkers are to blame expands the damage beyond dollars and cents. This case required sophisticated technological skills to investigate and prosecute, and I am pleased that our law enforcement partners and the US Attorney’s Office have the skills to bring these offenders to justice, ”the US prosecutor said. Moran, commenting on the case.

Kvashuk attempted to defend himself when he was convicted by claiming that he did not attempt to defraud the company but was working on a speculative project for the benefit of the company.

“The Volodymyr Kvashuk trial marked a great victory for the IRS-CI and the Federal Cybercrime Team. Kvashuk’s criminal acts of stealing from Microsoft and subsequently filing false tax returns is the country’s first Bitcoin case to have a tax component. Put simply, today’s conviction proves that you cannot steal money through the internet and that you think Bitcoin is going to hide your criminal behavior. Our complex team of cybercrime experts with the help of the IRS-CI Cybercrime Unit will track you down and hold you accountable for your wrongdoing, ”said IRS-CI Special Agent in Charge. Ryan L. Korner on Kvashuk’s arrest.

A former Microsoft engineer has been sentenced to nine years in prison for defrauding the company for more than $ 10 million using Bitcoin.

News Highlights:

  • The Microsoft engineer was sentenced to nine years in prison for defrauding the business of more than 10 million people using Bitcoin.
  • The engineer allegedly used a mixed bitcoin to hide taxable income and filed fraudulent tax returns.
  • He used the stolen money to buy a $ 1.6 million lakefront house and a $ 160,000 Tesla vehicle.

Source: twitter.com/indiatoday

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