40s Woman Sentenced to 6 Years for Embezzling 1.4 Billion Won by Falsely Claiming Need for Investment Funds
[Asia Economy Intern Reporter Kim Yeon-ju] A woman in her 40s who swindled 1.415 billion won by using stocks and private loans as bait was sentenced to prison.
The Ulsan District Court's 11th Criminal Division (Presiding Judge Park Ju-young) announced on the 24th that it sentenced Ms. A (49), who was indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud), to six years in prison.
The court stated the sentencing reasons, saying, "The defendant previously received an eight-month prison sentence with a two-year probation in 2002 for fraud and other charges, and fines for fraud in 2003 and 2013, yet committed the crime again. Considering that most of the damages have not been compensated and that no efforts were made to repay the victims, a prison sentence was imposed."
Ms. A was indicted on charges of deceiving Mr. B at a coffee shop in Nam-gu, Ulsan, in January 2012 by claiming to pay monthly dividends and interest to customers through stock investment and private loans, and embezzling a total of 1.415 billion won over seven occasions until May 2013.
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At that time, Ms. A was investigated to have committed the crime by falsely claiming to Mr. B that her business was thriving and that funds were needed to secure customers.
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