Mt. Gox Case Verdict: CEO Karpeles Will Not Serve Jail Time

Mark akrpeles

Mt. Gox Case Verdict: CEO Karpeles Will Not Serve Jail Time

Mt. Gox CEO, Mark Karpeles was found ‘not guilty’ of the fund embezzlement charges imposed on him. However, he was found guilty of submitting falsified records to the Japanese District Court.

The Tokyo District Court has passed a 2-year 6-month sentence suspended for 4 years. Hence, Karpeles has been laid off with a warning and a probation period of four years. If he repeats his felony or is found guilty in the future again he would have to serve 2.5 years in prison after the judge’s discretion.

Proceedings of the Case And Final Statements

Karpeles’ chief lawyer Nobuyasu Ogata has had to clear the doubts around cryptocurrencies and Bitcoin in order to make Karpeles’ stand. He argued that Karpeles was actually ‘the victim’ of the Mt. Gox heist in February 2014.

The Japanese District Court has acquitted Karpeles of ‘more serious crimes’ that he was allegedly accused of: Fund Embezzlement and Fraud. It was noted that Karpeles was humble and listened to the verdict humbly.

Acquittals are rare in Japanese courts, where the conviction rate is higher than 99 percent. Karpeles also noted that, he was interrogated for months without a lawyer and bullied into signing a confession, a “nightmare” process during which he lost 77 pounds over 11 months.

Karpeles swore that he never utilized any customer fund and Mt. Gox was a security breach, for which he is deeply apologetic.

Summary
Mt. Gox CEO Acquitted of All Charges But One, Will Not Serve Jail Time
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Mt. Gox CEO Acquitted of All Charges But One, Will Not Serve Jail Time
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Mt. Gox CEO, Mark Karpeles was found 'not guilty' of the fund embezzlement charges imposed on him. However, he was found guilty of submitting falsified records to the Japanese District Court.
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Nivesh Rustgi 258 Articles

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Reach out to him at [email protected]