Latest news with #RichardKim
Yahoo
3 days ago
- Business
- Yahoo
Crypto Casino CEO Charged After Allegedly Gambling Away Investors' Millions
Federal prosecutors in New York are pursuing fraud charges against the former CEO of a crypto-powered casino, claiming the 39-year-old gambled away investors' cash. The U.S. Justice Department recently charged former Zero Edge CEO Richard Kim with securities and wire fraud for allegedly diverting $3.8 million worth of seed round funding to himself for personal use, according to an indictment unsealed on Wednesday. Zero Edge closed its $4.3 million seed funding round last June, and during a seven-day stretch that month, Kim allegedly misappropriated most of investors' funds, with $1 million diverted to a personal account at Shuffle, a crypto-powered casino and sports betting platform. Kim allegedly told one investor that the company had only $710,000 left—just one week after Zero Edge's seed round closed—attributing the losses to 'day trading.' Other investors were allegedly told the losses were from Zero Edge's 'treasury management strategy.' Kim, a former executive at JPMorgan and Goldman Sachs, told CoinDesk last year that 'old demons' took over after he lost $80,000 to a phishing attack that started 'a negative spiral of leverage trading, raising more capital, and hiding the truth.' Following his arrest, Kim allegedly told the FBI that he was 'clearly wrong from the beginning,' and that his conduct amounted to a 'completely unjustifiable' betrayal to his investors. Former OpenSea Manager Has Conviction Overturned in First-Ever Crypto Insider Trading Case 'Kim allegedly hedged his bets that false assurances would induce more investments and conceal the true nature of his spending,' FBI Assistant Director Christopher Raia said in a statement. Kim worked at institutional crypto firm Galaxy Digital as a venture fund investor before he left to start Zero Edge, and Galaxy had invested in his firm, court documents show. 'Richard Kim left Galaxy in March 2024 to start Zero Edge, a company in which Galaxy had an immaterial balance-sheet investment,' a Galaxy spokesperson told Decrypt. 'Upon learning of certain actions taken by Mr. Kim in his role at Zero Edge, we, along with other investors, reported his conduct to the authorities.' The U.S. Securities and Exchange Commission charged Kim with fraud in May, saying in a press release that he misappropriated investor funds 'minutes' after receiving funds. The regulator noted that Zero Edge never launched, and the company is liquidating. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
New York Post
4 days ago
- Business
- New York Post
Ex-Goldman banker blew $4 million of investor cash on internet gambling, crypto: feds
The feds have charged a former top banker at Goldman Sachs and JPMorgan Chase with bilking investors out of more than $4 million — then gambling it all away while claiming he was building a cryptocurrency startup. Richard Kim, who had served as Goldman's chief operating officer of global foreign exchange and emerging markets trading from 2015 to 2018, allegedly lured investors with plans to develop blockchain-based casino games, according to papers filed in Manhattan federal court. But the former financial honcho, who founded gaming company Zero Edge Corporation and served as its chief executive in the alleged fraud, instead squandered the money on personal cryptocurrency trades and online gambling, according to court papers. Advertisement 4 Richard Kim, former Goldman Sachs and JPMorgan executive, is accused of defrauding investors out of more than $4 million through his cryptocurrency-based casino startup. Doubl3Tap Gaming Podcast An attorney for Kim, who led elite trading desks at JPMorgan before his high-level stint at Goldman, declined to comment when reached by The Post. The 39-year-old Kim announced Zero Edge's launch on LinkedIn in late March of last year, telling prospective backers the company would create multiple casino games starting with craps and eventually including roulette, baccarat and blackjack. Advertisement To raise cash, Kim used investor presentations and pitch materials claiming the money was for technology development. He promised oversight procedures and told backers would have decision-making power, including those involving company leaders, court documents show. That helped Kim secure roughly $4.3 million from investors between February and July 2024, prosecutors said. But just as he was wrapping up the funding round in late June, Kim moved about $3.8 million to his personal cryptocurrency account at Coinbase, then distributed nearly $1 million across multiple digital currency platforms including Binance, Kraken and Backpack. 4 Kim, founder and CEO of Zero Edge Corporation, faces securities and wire fraud charges in connection with the alleged scheme. Doubl3Tap Gaming Podcast Advertisement He moved roughly $7 million total through various accounts — depositing the cash in an account at which markets itself as a 'VIP Crypto Casino and Sportsbook.' Even after he started gambling with investor money, Kim continued seeking additional investments, according to the charges. Kim also sent roughly $450,000 to cryptocurrency wallets belonging to unidentified individuals and moved another $145,000 from Kraken to his personal bank account at TD Bank. It was apparently only a matter of days before Kim had squandered the funds, with Kim admitting to investors that almost all of their money had disappeared — although he stopped short of telling them exactly how. 4 Kim allegedly told investors their funds would develop blockchain casino games like craps, roulette, and blackjack. wpadington – Advertisement Around June 29, 2024, he emailed backers acknowledging he was 'solely responsible for the loss of $3.67 million of the Company's balance sheet' after what he described as 'leveraged trading losses from seed round financing proceeds.' In another message to investors around July 9, 2024, Kim said he 'fully acknowledge[d] the breach of trust that…occurred' and admitted '[e]ach [investor] trusted me to build something great, and I violated it at the deepest levels, all from my closest friends.' About a week after the funding round concluded, Kim also informed a Zero Edge investor during a phone conversation that he had lost roughly $3.7 million of investor funds, according to the indictment. Keep up with today's most important news Stay up on the very latest with Evening Update. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters Kim told investors he had engaged in 'day trading' with their money, causing millions in losses until only $710,000 remained. Prosecutors, however, say he hid the full truth from backers as he claimed he lost the funds through a 'treasury management strategy' instead of admitting he had gambled it away at an internet casino. Following his arrest on April 15, Kim acknowledged to the FBI that he knew investors '100%' would have wanted information about his trading activities and that he deliberately kept this information from them. 4 Prosecutors say Kim diverted investor funds to personal cryptocurrency accounts and online gambling sites. REUTERS Advertisement Kim told the FBI that 'at no point did [he] think [he] should be gambling investor money on Shuffle,' calling it 'clearly wrong from the beginning.' He characterized his actions as a 'betrayal' of investors and admitted his behavior was 'completely unjustifiable.' The grand jury indicted Kim on two counts: securities fraud and wire fraud. Advertisement If convicted, Kim faces several decades behind bars as well as forfeiture of all assets connected to the alleged crimes. The Post has sought comment from Kim.
Yahoo
27-01-2025
- Business
- Yahoo
Elevar Therapeutics Announces the Formation and Members of Scientific Advisory Board
Scientific Advisory Board formed with internationally recognized liver and biliary tract cancer physicians to support the advancement of solid tumor pipeline programs Elevar plans for major 2025 oncology regulatory milestones- March 2025 PDUFA date and launch preparation for unresectable hepatocellular carcinoma- NDA Submission for lirafugratinib in second half 2025 for FGFR2 driven cholangiocarcinoma FORT LEE, N.J., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Elevar Therapeutics, Inc., a portfolio company of HLB Co., Ltd., today announced the formation of its Scientific Advisory Board (SAB) with internationally renowned experts in the discovery and development of next generation hepatocellular carcinoma and cholangiocarcinoma cancer therapies. 'We proudly welcome our newly formed Scientific Advisory Board, a distinguished group of oncology clinicians who will play a crucial role in supporting our research and development strategy. Their individual and collective expertise will be invaluable as we strive to make a meaningful impact in the fight against cancer,' commented Chris Galloway, M.D., senior vice president of clinical development and medical affairs at Elevar. Mitesh Borad, M.D. Mitesh J. Borad, M.D., is the Getz Family Research Professor and leads the Novel Therapeutics and Modalities Program at Mayo Clinic. Dr. Borad is an internationally recognized expert for treating patients with cholangiocarcinoma and has been extensively involved in developing novel cancer therapeutic platforms that leverage genomic medicine and gene/virus therapies, with a focus on tumors of the liver, bile ducts and pancreas. He has led the clinical development of novel anti-cancer agents in more than 50 first-in-human studies, including a multi-institutional team with collaborators at Mayo Clinic and the Translational Genomics Research Institute, which led to the discovery of fibroblast growth factor 2 (FGFR2) fusions in patients with intrahepatic cholangiocarcinoma, with the first demonstration of anti-tumor activity with FGFR inhibitors in this patient population. Subsequent work led to the FDA approval of three FGFR inhibitor cancer therapies. Richard Kim, M.D. Dr. Richard Kim is a Service Chief of Medical Gastrointestinal Oncology and Senior Member in the Gastrointestinal Oncology Department at Moffitt Cancer Center and a Professor of Oncology at the University of South Florida College of Medicine. Before joining Moffitt in 2010, Dr. Kim was an associate physician in gastrointestinal malignancies at the Cleveland Clinic Taussig Cancer Center and a clinical assistant professor at the Cleveland Clinic Lerner College of Medicine of Case Western Reserve University in Cleveland, OH. Dr. Kim's clinical and research interests focus on gastrointestinal tumors, in particular hepatobiliary and colon cancer. He is a principal investigator in multiple investigator-initiated and pharmaceutical phase I, II and III trials using immunotherapy and novel targeted agents. Daneng Li, M.D. Daneng Li, M.D. is an Associate Professor in the Department of Medical Oncology & Therapeutics Research at City of Hope, specializing in treating gastrointestinal cancers. Dr. Li currently leads the liver tumors program and is also the co-director of the Neuroendocrine Tumor Program at City of Hope. Dr. Li's clinical and academic research is focused on the multidisciplinary approach to treatment of patients with neuroendocrine tumors (NETs). He leads several clinical trials focused on improving outcomes for patients with NETs and works closely with scientists in the development of the next generation of novel therapeutics. Rachna T Shroff, M.D., M.S. Rachna T. Shroff, MD, MS, FASCO, serves as associate director of Clinical Investigations and co-leader of the Gastrointestinal Clinical Research Team at the University of Arizona Cancer Center (UACC) and is a professor in the Department of Medicine, chief of the Division of Hematology and Oncology, medical director for the Oncology Service Line and associate dean for Clinical and Translational Research for the University of Arizona College of Medicine – Tucson. Dr. Shroff joined UACC from MD Anderson Cancer Center in Houston. She is a clinical and translational investigator focused on developing novel therapies for pancreatic and hepatobiliary cancers and has led numerous clinical trials focusing on pancreaticobiliary tumors. She was the national principal investigator for SWOG 1815, which investigated a triplet chemotherapy regimen as a potential new standard of care for biliary cancers. About Elevar Therapeutics Elevar Therapeutics, Inc., a fully owned subsidiary of HLB Group, is a fully integrated biopharmaceutical company built on the promise of elevating treatment outcomes for patients who have limited or inadequate therapeutic options. With expertise rooted in oncology, Elevar is focused on identifying and developing promising medicines for complex yet under-treated health conditions. Elevar's lead proprietary drug candidate is rivoceranib. The NDA for rivoceranib in combination with camrelizumab as a therapy for advanced or metastatic hepatocellular carcinoma (HCC) is currently under review by the FDA with a PDUFA action date scheduled for March 20, 2025. On December 2, 2023, Elevar acquired worldwide rights to develop and commercialize lirafugratinib (RLY-4008), an FGFR2 inhibitor that has shown differentiated efficacy in FGFR2-driven cholangiocarcinoma (CCA) and demonstrated durable responses across multiple other types of FGFR2-altered solid tumors. An NDA submission for lirafugratinib is planned for 2025. Additional information is available at About HLB Group The HLB Group is comprised of HLB Inc. (KOSDAQ:028300) and its affiliates with a diverse portfolio across biopharma, lifestyle, marine business, semiconductor and energy, united by the mission of improving all aspects of human life. Members of the HLB Group include HLB Innovation (KOSDAQ: 024850), HLB BioStep (KOSDAQ:278650), HLB Pharmaceutical (KOSDAQ:047920), HLB Life Science (KOSDAQ:067630), HLB Therapeutics (KOSDAQ:115450), HLB Panagene (KOSDAQ:046210) and HLB Global (KOSDAQ:003580). HLB Group's overseas affiliates include Elevar Therapeutics, Immunomic Therapeutics, a nucleic acid immunotherapy platform company, and Verismo Therapeutics, a CAR T platform oncology company, and a fully owned subsidiary of HLB Innovation, both based in the United States. Contacts Media: Jeanette BressiHead, Corporate Communications jbressi@ 609-439-3997 Investors: Wade SmithChief Financial & Business Officer wsmith@
