'Optimus Broker' Jung Young-je Sentenced to 8 Years in Prison and Fined 500 Million Won in First Trial

[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] Jeong Young-je, former CEO of Optimus Alternative Investment, who was identified as a key accomplice in the 'Optimus case,' was sentenced to prison in the first trial. Jeong was considered a key 'keyman' who could reveal the suspicions of political lobbying by the Optimus management.

At 11 a.m. on the 14th, the Criminal Division 22 of the Seoul Central District Court (Presiding Judge Yang Cheolhan) sentenced Jeong, who was indicted on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, to 8 years in prison and a fine of 500 million won, along with an order to pay a confiscation amount of about 270 million won.

The court stated, "The defendant deceived by saying 'We will invest in public institution accounts receivable, etc., and guarantee a stable rate of return,' and embezzled 106 billion won from the Korea Communications Agency," adding, "This was used by several related parties, including Kim Jaehyun, CEO of Optimus, and Yoo, an advisor at Skin&Skin, to conduct business, leading numerous individual investors to invest in the Optimus fund."

Furthermore, "The defendant's crime caused the accomplices to fully commit the Optimus fraud," and "We cannot help but hold strict responsibility for the expansion of damage to general victims," the court added.

Earlier, Jeong was prosecuted on charges of conspiring with Kim Jaehyun, CEO of Optimus, from June 2017 to March 2018, deceiving the Korea Communications Agency by pretending to invest in public institution accounts receivable, and embezzling about 106 billion won in investment funds.

However, the court acquitted him of some charges, such as receiving 144 million won from Mr. Yoo, known as Optimus's planner, under the pretext of solicitation or mediation for attracting investment funds, citing conflicting testimonies and lack of evidence.

Jeong went into hiding after the Optimus management was arrested at the end of July last year to evade the prosecution's investigation but was eventually arrested at a pension in a rural area.