'1.6 Billion Investment Fraud' Former Cheongjo Father Sentenced to 5 Years 6 Months in Appeal Trial

Daejeon High Court Rejects Appeal... Same Sentence as First Trial
Arrested for Stealing Cell Phone While Fleeing for 5 Years

The father of Jeon Cheong-jo, who was indicted on charges of investment fraud involving 1.6 billion KRW, was sentenced to prison again in the appellate court following the first trial.

On the 22nd, the 1st Criminal Division of the Daejeon High Court (Chief Judge Park Jin-hwan) sentenced Jeon, in his 60s, to 5 years and 6 months in prison, the same as in the first trial, on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), according to Yonhap News Agency. The appellate court dismissed the appeals filed by both the prosecution and Jeon, maintaining the decision of the first trial court.

Wanted poster of Jeon Mo, father of Jeon Cheong-jo [Image source=JTBC 'Case Manager' news screen capture]

Jeon, who operated a real estate development company, was prosecuted on charges of embezzling a total of 1.61 billion KRW from victim A, whom he met while mediating real estate sales contracts, in six installments from February to June 2018. He is also charged with stealing a mobile phone while on the run.

Jeon deceived A, who had agreed to lend funds for establishing a factory to the company, by saying, "If you transfer money to a personal account, it will be easier to get a startup loan," and received money into his personal bank account. Afterwards, he cut off contact with the victim and disappeared, reportedly squandering the money on gambling and business ventures. Jeon, who had been on the run for five years, was urgently arrested by the police on December 25 last year after breaking into a manpower agency office in Beolgyo-eup, Boseong, Jeollanam-do, and stealing a mobile phone while fleeing.

The first trial court pointed out, "The amount of damage exceeds 1.6 billion KRW, and the defendant’s conduct after the crime, including cutting off contact with the victim and absconding, is of a serious nature." Regarding the sentencing reasons, the court explained, "Considering that no restitution has been made and that the victim has not forgiven the defendant." Both the prosecution and Jeon appealed the first trial verdict, citing unfair sentencing.

Jeon Cheong-jo, who was decided to be sent to the prosecution on charges including fraud, is being escorted from Songpa Police Station in Seoul to the Eastern District Prosecutors' Office on November 10 last year.
[Photo by Yonhap News]

Meanwhile, Jeon Cheong-jo (27), Jeon’s daughter, was sentenced to 12 years in prison in the first trial on charges of deceiving 27 students and acquaintances she met through online side-job seminar lectures from April 2022 to October last year by posing as a chaebol illegitimate child and wealthy person, embezzling over 3 billion KRW from them. At the appellate court’s final hearing on the 11th, the prosecution demanded a 15-year prison sentence for Jeon. The appellate court sentencing for Jeon is scheduled for September 12.