Court, “Only excuses without compensation for damages”… Sentenced to 8 years in prison → 9 years and 6 months
▲ The Ulsan 1st Criminal Division of the Busan High Court announced on the 12th that Mr. A, who was handed over to trial on fraud charges, was sentenced to 9 years and 6 months in prison, overturning the original sentence of 8 years in prison.
A man in his 40s who was sentenced to eight years in prison in the first trial for coin investment fraud appealed, but the sentence was actually increased.
The Ulsan 1st Criminal Division of the Busan High Court (Director Son Cheol-woo) announced on the 12th that Mr. A, who was handed over to trial on fraud charges, was sentenced to 9 years and 6 months in prison, overturning the original sentence of 8 years in prison.
Mr. A was indicted on charges of stealing 1.1 billion won worth of money from about 80 users while establishing and operating a virtual currency exchange in Ulsan from March to August 2019.
Mr. A advertised to unspecified customers in social networking service (SNS) chat rooms that they could make a 50-fold profit by investing and trading in the B coin he issued himself. They lied by saying that they could manipulate the market price through a program they developed in-house. They also introduced that B Coins can be used to pay at about 20 brands, including convenience stores, department stores, and gas stations.
In particular, he sold B Coin for 5 won in cash and reassured investors, “If the price of B Coin falls below 5 won, we can prevent the price fall by purchasing it with 1 billion won in cash.” However, Mr. A did not have 1 billion won in assets, and had been sued for fraud by an investor in the foreign exchange trading company he previously operated.
He also siphoned 1.3 billion won worth of money from an account under the company’s name into his personal bank account and used it to pay off debts or pay living expenses.
Mr. A also stole a total of 237 million won from four people by committing fraud, such as offering principal and profits if you invest in British stocks through a self-developed foreign exchange trading program, or selling apartments at a low price through his construction company. . In the process, he was sent to trial for not only forging private documents but also failing to pay 12.6 million won in wages to nine workers.
The first trial court sentenced Mr. A to 8 years in prison, but Mr. A appealed, saying that he was unable to pay the amount requested by users due to failure to properly operate the virtual currency exchange.
The appellate court increased the sentence, saying, “We attracted members and deceived an unspecified number of people with false advertisements that had little chance of being realized,” and “We are only busy making excuses in a situation where damage compensation has not been properly made.” He added, “The defendant has a history of being criminally punished for similar crimes on several occasions, and he committed this crime again while on probation for fraud.”
Ulsan reporter Park Jeong-hoon
2023-11-12 03:13:00
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