The son of Lee Young-bok, chairman of Cheongan Construction and the real owner of the developer of LCT, a large residential-commercial complex in Haeundae, Busan, was indicted on fraud charges involving 3 billion KRW and was sentenced to a suspended prison term in the first trial.
On the 7th, the Criminal Division 21 of the Seoul Central District Court (Presiding Judge Heo Kyung-moo) sentenced Lee, who was indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), to three years in prison with a four-year suspension and ordered 200 hours of community service.
Lee is accused of borrowing 3.2 billion KRW from the victim in June 2020 by deceiving them with promises of exclusive LCT sales agency rights and failing to repay the loan.
The court stated, "He used his influence to deceive the victim into believing he could gain a large profit, thereby embezzling a huge sum of 3.2 billion KRW, which is a serious offense," and added, "The damage has still not been fully recovered."
Lee’s father, Chairman Lee, was arrested and indicted in November 2016 on charges including embezzlement of company funds and bribery of influential political and business figures while operating the LCT developer. The Supreme Court confirmed a six-year prison sentence, and he was released in 2022.
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