Over 7 Billion Won Scammed by "10 Times Profit" Texts... Group Stands Trial

Ten Members of Organized Futures Trading Group Stand Trial
Hundreds of Victims Deceived Under the Pretense of Futures Investment

There was not only no profit, but even the principal was lost. A group of investment fraudsters who swindled over 7 billion KRW by luring victims with promises of "10-fold profits" stood trial.

On the 25th, Judge Jeon Heesook of the Gwangju District Court Criminal Division 9 held the first hearing for 10 defendants, including defendant A (51), who were indicted on fraud charges.

Gwangju District Court. Photo by Song Bohyun

From January 2023 until their arrest, they are accused of operating an online futures trading site and committing investment fraud. They recruited investors through text messages and other means, claiming, "If you invest only the capital, you can earn 5 to 10 times the profit through leverage."

Dividing their roles as ringleader, profit manager, team leader, and team members, they reportedly collected about 7.3 billion KRW from hundreds of victims across the country in more than 1,500 instances. A significant number of the victims were elderly or small-scale investors.

At the trial, nine of the defendants, except for A, admitted to all the charges. In contrast, A denied the charges, stating, "I have already received a final criminal verdict for these charges, so this case should be dismissed."

The court is scheduled to hold a follow-up hearing on this case on May 15.