'Former VIK CEO Lee Cheol Sentenced to Prison Again in 2nd Trial for Illegal Retention of 61.9 Billion Won in Jewelry'
Court Sentences 2 Years and 6 Months Imprisonment... Total Sentence of 14 Years and 6 Months if Confirmed
[Asia Economy Reporter Yoo Byung-don] Lee Cheol, former CEO of Value Invest Korea (VIK), who was on trial for establishing an unauthorized investment company and deceiving investors, was additionally indicted for attracting a large amount of illegal investments and was sentenced to a prison term again in the second trial.
The Seoul Southern District Court Criminal Appeal Division 2 (Presiding Judge Kim Yeon-hwa) on the 15th dismissed both the prosecution's and the defendant's appeals in the second trial for violations of the Capital Markets and Financial Investment Business Act and other charges, sentencing Lee to 2 years and 6 months in prison, the same as in the first trial.
Lee's side appealed the first trial verdict citing factual and legal misunderstandings, and the prosecution appealed regarding the acquittal on charges related to similar receipt acts, also citing factual and legal misunderstandings, but the second trial court dismissed both appeals.
Lee was prosecuted in 2016 on charges including involvement in a paid-in capital increase of B company, an investee of VIK, between 2015 and 2016, raising 61.9 billion KRW without submitting a securities registration statement.
He was also charged with selling 100 billion KRW worth of shares of ShillaJen, an unlisted company at the time, without financial regulatory approval. At the time of the crime, Lee was detained and prosecuted for illegal investment attraction amounting to 700 billion KRW and was on trial but was released on bail.
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From 2011 for four years, Lee was convicted by the Supreme Court last year to 12 years in prison for raising about 700 billion KRW from approximately 30,000 people through crowdfunding without financial regulatory approval. If this sentence is finalized, he will have to serve a total of 14 years and 6 months in prison.
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