Wellesley Executive Embezzled $1M from Tech Company, Feds Say

A Wellesley resident and former controller of a technology company was arrested Wednesday and charged with embezzling $1 million.

Andy Kim, 43, was charged with wire fraud.

U.S. Attorney Carmen Ortiz said Kim stole the money on two occasions—once in July 2014 and again this June.

“On both occasions, Kim allegedly wired the money to a bank account belonging to a Massachusetts real-estate investment company,” Ortiz said in a statement. “After the fraudulent transfer in July 2014, the president of the real-estate company wrote Kim ten consecutively numbered checks, each for $50,000. Kim periodically deposited those checks into his personal checking account, and then transferred the money, in installments, to another bank account he controlled.

“He allegedly disguised the transactions as transfers of capital to the company’s owner, fabricated records that purported to document legitimate capital transfers, and then planted those records in the company’s files,”

Kim was fired from the Cambridge-based company in July when the company discovered his scheme, Ortiz said. She did not reveal the name of the company.