Crime

Former exec charged with spending $22M in misappropriated funds on crypto and poker

July 12, 2019, 5:24AM EDT

A former executive at StyleHaul, a digital-marketing company, has been charged with embezzling $22 million from his former employer to spend on professional poker tournaments and buying cryptocurrencies.

29-year-old Dennis Blieden was taken into custody in Las Vegas. According to the indictment, he spent $8,473,734 of the company's funds to purchase cryptocurrency. He spent a further $1,204,000 to pay for his poker losses, and a similar sum was used to pay off his credit cards. 

Blieden, who was previously in charge of StyleHaul's accounts, is said to have transferred funds to his personal bank account. To cover his tracks, he purportedly created a fictitious lease of a condominium in Rosarito Beach, Mexico. He then transferred money to his own account under the guise that he was paying the condo's rent.

He has been charged with “11 counts of wire fraud, one count of aggravated identity theft, and two forfeiture counts.”

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