The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme.

According to a press release issued Friday by the CFTC, the trader, Arizona resident Joseph Kim, admitted to defrauding investors of hundreds of thousands of dollars after misappropriating more than $600,000 of his previous employer’s funds.

Between September and November 2017, Kim transferred bitcoin and litecoin from his employer, a Chicago-based trading firm, to his own personal accounts, causing the firm losses of $601,000, according to the release.

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