‘Jaetech Fraud’ Crime Group Boss Sentenced to 4 Years and 6 Months in Prison

"Investment Returns 5 to 10 Times or More" 39 Victims

The ringleader who organized a criminal group involved in 'investment fraud' and pocketed hundreds of millions of won from 39 victims was sentenced to 4 years and 6 months in prison.

The Supreme Court's First Division (Presiding Justice No Tae-ak) announced on the 2nd that it upheld the original sentence of 4 years and 6 months imprisonment and a fine of 200 million won against Mr. A, who was charged with organizing and participating in a criminal group and fraud.

Mr. A was prosecuted on charges of organizing a criminal group by setting up accommodation and an office in Ho Chi Minh City, Vietnam, and receiving approximately 660 million won from victims between May and September 2019.

It was investigated that Mr. A advertised with the promise of "returning the principal and guaranteeing profits of 5 to 10 times the investment" to lure victims to an online site. Mr. A appointed himself and two additional ringleaders, forming three teams with about 20 members in total.

The first trial sentenced Mr. A to 5 years in prison and ordered the confiscation of 200 million won of criminal proceeds he received. The appellate court reduced the sentence to 4 years and 6 months in prison, citing that Mr. A reached settlements with some of the victims during the trial, but maintained the confiscation order.

The Supreme Court also agreed with the appellate court's judgment.