'1 Trillion Fund Fraud' Kim Jaehyun, CEO of Optimus, Submits Appeal... Final Judgment by Supreme Court

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] Kim Jae-hyun, CEO of Optimus Asset Management (Optimus), who was sentenced to 40 years in prison in the appellate court for a fund fraud case involving over 1 trillion won, has filed an appeal to the Supreme Court. Accordingly, the Optimus fund fraud case will receive its final judgment from the Supreme Court.

According to the legal community on the 24th, Kim's lawyer submitted a notice of appeal to the Seoul High Court Criminal Division 5 (Presiding Judges Seo Seung-ryeol, Park Jae-young, Kim Sang-chul) on the 24th, dissatisfied with the appellate court's ruling.

Kim was indicted on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes for allegedly raising about 1.3 trillion won in investment funds from April 2018 to June 2020 by claiming to invest in public institution accounts receivable, but instead using the funds for acquiring non-performing bonds and rolling over the fund.

The first trial sentenced Kim to 25 years in prison, a fine of 500 million won, and a confiscation amount of 75.175 billion won, but the appellate court expanded the scope of guilt and increased the sentence. Lee Dong-yeol, the second-largest shareholder of Optimus, and director Yoon Seok-ho, who were tried together with Kim, were also sentenced in the appellate court to 20 years in prison and a fine of 500 million won, and 15 years in prison and a fine of 300 million won, respectively.