A Man in His 50s Who Embezzled Stocks Claiming to Acquire the Company Sentenced to 2 Years and 6 Months in Prison

[Image source=Yonhap News]

[Asia Economy Intern Reporter Kim Seong-yeol] A woman in her 50s who deceived a company representative struggling with funding for construction projects by pretending to acquire the company and embezzled company stocks worth approximately 1.3 billion KRW was sentenced to prison.

The Ulsan District Court Criminal Division 11 (Presiding Judge Park Ju-young) announced on the 10th that A (55), who was indicted for violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (fraud) and fraud charges, was sentenced to 2 years and 6 months in prison.

The court stated the sentencing reason, saying, "Although the sentencing date was postponed at the defendant's request to allow time for settlement, no agreement was reached, and the stocks were not returned. Nevertheless, the defendant showed no remorse, so a prison sentence was imposed."

Earlier, in July 2016, A approached B, the representative of a company constructing a theme park in Gyeongju, Gyeongsangbuk-do, who was having difficulties securing funds, claiming to acquire the company for 13 billion KRW.

A was charged with embezzling 300,000 shares of B’s company stock worth approximately 1.3 billion KRW under the pretext of needing them to attract investors.

Additionally, A extorted a total of 160 million KRW from two victims by claiming that money was needed to sign contracts to supply cabin supplies for cruise ships or to pay charges related to wastewater for obtaining a glamping site completion permit.

This content was produced with the assistance of AI translation services.