50-Year-Old Man Sentenced to Prison for Embezzling Father-in-Law's Money with False Collateral

A man in his 50s who deceived his father-in-law with false collateral and embezzled 300 million won was sentenced to prison.

According to the legal community on the 1st, Judge Kim Jae-eun of Criminal Division 13 at the Seoul Southern District Court sentenced Hong (54) to one year in prison on the 14th of last month for fraud charges.

The court stated, "The defendant borrowed money from the victim under the pretext of business funds but planned to use the money for other purposes and failed to provide the promised collateral. He deceived the victim and did not receive forgiveness."

Hong was indicted on charges of receiving 300 million won in November 2019 from his father-in-law, victim Lee, by presenting false collateral, claiming he would secure a mortgage on a villa in Eunpyeong-gu, Seoul, and forest land in Hongseong-gun, Chungnam, owned by a business partner, and repay the money in three months.

Previously, Hong was sentenced to two years in prison with a three-year probation in January 2020 for violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), and was sentenced to four years and three years in prison respectively in February 2021 and December 2022 for the same charges. Under the Special Act, when the amount of damage in crimes such as fraud and embezzlement exceeds 500 million won, a minimum prison sentence of three years or more is imposed.