'Don Skoiho Fraud' Universal Group Former CEO Sentenced to 5 Years in 2nd Trial

Partial Acquittal of Fraud Amount... Sentencing Remains Unchanged

[Asia Economy Reporter Yoo Byung-don] Kim, former CEO of Universal Group (formerly Shinil Group), who participated in the 'Donskoiho Fraud Case' involving a scam claiming to have discovered a Russian treasure ship loaded with gold bars, was sentenced to prison again in the second trial.

The Criminal Appeal Division 3 of the Seoul Southern District Court (Presiding Judge Song In-woo) sentenced former CEO Kim to five years in prison on the 18th, the same as the first trial, on charges of fraud.

The court stated, "The defendant not only served as the head of the Gwangju branch of Universal Group but also managed other branch heads and encouraged sales, overseeing the company's entire coin operations," and judged that "he actively contributed to the fraudulent acts."

While the second trial court acquitted some of the fraud amounts recognized as guilty in the first trial, stating that they were received under different names rather than as coin payments, the sentencing remained unchanged.

Earlier, former CEO Kim was indicted on charges of fraud and others for embezzling approximately 11.6 billion KRW through collusion with former CEO Ryu by collecting payments for purchasing 'Treasure SL Coin' and 'Universal Coin.'

The Donskoiho investment fraud case involved issuing and distributing a fake cryptocurrency called Shinil Gold Coin (SGC) in July 2018, claiming to salvage the Donskoiho and gathering investment funds.

The main culprit of this case, former CEO Ryu, changed the company name from Shinil Group to 'SL Blockchain Group' after the incident and attracted investors by claiming to develop a mine containing 25 trillion KRW worth of gold ore.

Subsequently, he continued the fraud by creating cryptocurrencies called 'Treasure SL Coin' and 'Universal Coin' one after another, deceiving investors by promising to share profits from gold mine mining.

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