Ex-Goldman Banker Blew $4 million of Investor Funds on Internet Gambling and Crypto
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.
He headed up Zero Edge, which closed its $4.3 million seed funding round last June. Over 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 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.”
The Zero Edge crypto casino began to fall apart back in February with Kim accused of "reckless gambling". The gambling site entered into voluntary liquidation.
The New York Post noted that Kim moved about $3.8 million to his personal cryptocurrency account at Coinbase back in June, then distributed nearly $1 million across multiple digital currency platforms including Binance, Kraken and Backpack.
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Gambling.com Group Second Quarter 2025 Earnings: Revenues Beat Expectations, EPS Lags
Earnings Highlights:
- Revenue reached a record $39.6 million, up approximately 30% year-over-year, beating the analyst consensus of $38.9 million.
- Adjusted net income (excluding one-time acquisition-related expenses) rose 37%, and adjusted earnings per share soared 42%, landing at $0.37 per share, more than double the expected $0.17.
- The company also announced an acquisition of Spotlight.Vegas (bookings/tickets platform), valued at $30 million, with $8 million paid upfront and up to $22 million contingent on performance.
“Our second quarter performance was driven by two factors which reflect important broader trends in our business, Charles Gillespie said. "First is an accelerating diversification away from the traditional search channel in favor of a more omnichannel approach, in particular with the marketing business. Second is an accelerating diversification into revenue models beyond marketing, including sports data services.”
Man Found Asleep At Las Vegas Casino Slot Machine Charged With DUI
A man who was found passed out sitting at a slot machine inside a Las Vegas casino has been charged with driving impaired and other allegations.
On Tuesday, around 11:45 pm local time in Las Vegas, a Nevada State Police Highway Patrol cruiser was crashed into by a vehicle.
The vehicle that hit the police cruiser fled. The police officer sustained injuries and was taken to a nearby hospital.
Police found the vehicle’s owner, 51-year-old Mark Guyot, inside the casino that’s located just an exit further south along I-15 at Exit 33. Charging documents suggest Guyot was found asleep at a slot machine.
Guyot claims to be a video producer and director who also handles some advertising and marketing with MGM Resorts listed among his clients.
(source: Casino.org)
- Chris Costigan, Gambling911.com Publisher
