Officer administrator Ben Noden, aged 37, had been working as a roofer when his employer Peter Round asked him to help manage cryptocurrency trades being made online.
But a year later, Mr Round discovered that the valuable portfolio he had built up over several years had disappeared and called in the police.
Yesterday (Monday, January 13), Noden appeared at Redditch Magistrates’ Court where he pleaded guilty to theft by employee and committing fraud by false representation.
Noden admitted he stole a total of £198,387 as friends and family of Mr Round watched on from the public gallery.
After the case, Mr Round, of Kidderminster, said: “I was 66 when he did this to me. I worked seven days a week in roofing for this money. I put everything in this, he did this for over 13 months.
“I employed him initially to come into roofing for me, but as I got into crypto, I left him in the office to put money into crypto as he was computer savvy.
“He stole every bit of it from me.”
Mr Round said he had built up the sizeable account as a retirement fund and planned to double the value up to half a million pounds with the help of expert guidance.
He asked Noden to help due to his “up-to-date knowledge of computers” and told him to invest in specific coins.
Victim Peter Round outside Worcester Crown Court in August (Image: Emma Trimble/SWNS) But just 13 months after handing Noden the reins to his sizeable portfolio, the money had vanished.
He said Noden, who is formerly of Coronation Way, Kidderminster, was transferring sums of up to £12,000 a day while continuing to take his £400 weekly wage.
Mr Round, now aged 68, said he won’t be able to retire.
He said: “He was syphoning it and gambling it. If he hadn’t stolen it, it should have been roughly £496,000. He’s wrecked it.
“It was over 13 months, he signed my name to take all the stocks out. I was out roofing seven days a week to pay for that, and paid him, all while he was taking money out.”
Mr Round also commented on the case being dragged out since July last year after it was delayed multiple times.
He added: “He’s dragged this out since July, for three years this has happened.
“I’m now 68 and I can’t retire. He took daily £9k, £10k and £12k.
“He’s basically sentenced me to hard labour for the rest of my life. I had to get back to work.”
Her Honour Judge Seanin Gilmore granted condition bail ahead of Noden’s sentencing next month.
Noden, of Church Street, Shipston, will be sentenced on February 13 at Worcester Crown Court.