Dennis Blieden, Popular Former Hollywood Executive Pleaded Guilty to Stealing $22M to Buy Crypto and Gamble

Dennis Blieden, Ads Executive Admitted to Stealing $22M to Buy Crypto

Dennis Blieden, an executive at Los Angeles-based digital marketing company, StyleHaul Inc. admitted to have embezzled more than $22 million dollars while working for the company.

The U.S. Attorney’s Office of the Central District of California charged Dennis Blieden with 8 counts of identity theft, and wire fraud.

As a result of strong evidences, Mr Blieden pleaded guilty to wire fraud, identify theft and security fraud. He used the embezzled money to buy cryptocurrency, gamble online and paid for personal expenses.

Dennis Blieden abused his authority

At StyleHaul Inc., Dennis Blieden worked with social media platforms influencers. He was the finance and accounting department’s vice president and controller.

Because of his position, Mr. Blieden was giving access to the firm’s bank accounts with huge balances. Between Oct. 2015 to Mar. 2019, Blieden wrote $1.2 million in personal checks to online poker websites.

Related Read: Show Me The Money: Canadian Crypto Exchange that Shut Down with $16M of Users’ Funds Has Only $45k Left

I addition, Blieden paid off his credit cards with $1.1 million dollars, and purchased cryptocurrencies worth $8.4 millions using different crypto exchanges.

“To conceal his scheme, Blieden made fraudulent entries in StyleHaul’s accounting records, falsely representing that the illegal wire transfers he made were authorized payments of money due to StyleHaul clients. Blieden also falsely indicated on one of StyleHaul’s bank accounts that wire transfers to Blieden’s personal bank account were “equity” draws that the company owed him. […] Blieden created fictitious wire transfer letters that purported to be from Western Union and were designed to make it appear that he had caused wire transfers from StyleHaul to pay money it purportedly owed to a client.”

The disgraced Hollywood executive could serve up to 22 years in federal prison.

Cracking down on cryptocurrency-related crimes

Jon Barry Thompson, a Easton, Pennsylvania resident, was charged by the New York Southern District Court. The charges are for stealing customers’ fund and purchased $7 million dollars worth of Bitcoin in November.

Also Read: Cryptocurrency ATMs Under Scrutiny By Internal Revenue Service (IRS), Raise Money Laundering, Tax Invasion Concerns

In early September, Reggie Middleton, CEO of Delaware-based Veritaseum LLC and New York-based Veritaseum Inc., was charged with security fraud. He is ordered to pay $8.4 million dollars to customers and investors.

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