JPMorgan Chase Executive Embezzles $2.4 Million from Customers, Confesses to Extracting Money from a 74-Year-Old Client in a Wheelchair


According to recent court filings, an ex-JPMorgan Chase executive has acknowledged stealing $2.4 million from the banks’ clients.

Stay in the know on crypto by frequently visiting Crypto News Today

Kevin Chiu entered a guilty plea to bank fraud, and on March 15th, the US District Court in the Southern District of New York issued a judgment in which Judge Denise L. Cote sentenced Chiu to 48 months in prison.


Government prosecutors claim that Chiu used his position to transfer money out of at least six client accounts—all of which were held by five different clients—without the clients’ knowledge or consent.

CryptoCaster Quick Check:

Chiu utilized the money he had taken over from the customers to trade securities, cover his expenses, and conceal his thefts from some accounts by making up the difference with money he had stolen from other accounts.

One of the victims, a 74-year-old wheelchair-bound woman, lost $900,000 due to Chiu’s misconduct, according to the prosecution. She had trusted him with the majority of her financial matters.

Instead, she asked the defendant to give her a copy of her account statement the next time she was in the branch. She put her trust in the defendant to look after her money.


Using this arrangement, the defendant stole almost a million dollars from her account, almost emptying it. He then made up fake account statements, which he gave her in person when she visited him at the branch in a wheelchair, to conceal the fact that any money was missing.

Additionally, while she was in the branch, he asked her to sign blank transaction forms, which he used to steal her money, taking advantage of her dependence and trust in him.

In addition to his prison sentence, Chiu faces a $1.6 million restitution order and a three-year probationary period after his release.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like