Prosecutors Demand Life Imprisonment and 4 Trillion Won Fine for Optimus CEO Kim Jae-hyun

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] Kim Jae-hyun, CEO of Optimus Asset Management (Optimus), who was indicted on charges of fund fraud worth over 1 trillion won, has been sentenced to life imprisonment.

On the 8th, at the sentencing hearing held at the Seoul Central District Court Criminal Division 34 (Presiding Judge Heo Seon-ah), the prosecution requested the court to "sentence the defendant Kim Jae-hyun to life imprisonment, impose a fine of 4.0578 trillion won, and order the confiscation of approximately 1.4329 trillion won."

Additionally, the prosecution sought a 25-year prison sentence for Lee Dong-yeol, the second-largest shareholder of Optimus, and a 20-year prison sentence for Yoon Seok-ho, a director of Optimus. They also requested confiscation orders of 3.4281 trillion won and 1.1722 trillion won in fines for the two individuals, respectively.

Kim and others were brought to trial on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, among others, for allegedly raising about 1.1903 trillion won from approximately 2,900 investors between April 2018 and June last year by claiming to invest in public institution accounts receivable, then using the funds for purchasing non-performing bonds and rolling over the fund.

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