Former Shinhan Investment Center Head in Lime Fraud Case Fined Additional 200 Million Won in Second Trial

[Asia Economy Reporter Seongpil Cho] A former center head at Daishin Securities, who was sentenced to prison in the first trial for selling Lime Asset Management funds on a large scale while hiding the possibility of losses, received an additional fine in the appellate trial.

The Criminal Division 13 of the Seoul High Court (Presiding Judge Suhwan Choi) on the 27th overturned the first trial sentence of 2 years imprisonment for Jang, former head of Daishin Securities Banpo WM Center, who was indicted for violating the Capital Markets and Financial Investment Business Act, and sentenced him to 2 years imprisonment and a fine of 200 million KRW. The court stated, "The first trial, which found that the defendant intentionally misled the victims with false information and had criminal intent, is justified," and added, "Considering that many people petitioned for severe punishment of the defendant, this is taken as an unfavorable factor in sentencing."

Earlier, Jang was arrested and indicted on charges of violating the Capital Markets Act for selling 248 billion KRW worth of Lime private equity funds to customers by emphasizing an unconfirmed annual yield using terms such as 'approximately 8% annual quasi-guaranteed' and '8% fixed interest rate.' It was investigated that even after recognizing problems with Lime's funds, Jang sent group messages to customers assuring them that 'there is no problem with the fund,' thereby preventing redemptions.

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