Supreme Court Confirms 2 Years 6 Months Prison Sentence for Former VIK CEO Lee Cheol for Violating Capital Markets Act

Supreme Court En Banc. Photo by Supreme Court

[Asia Economy Reporter Choi Seok-jin, legal affairs specialist] The prison sentence has been finalized for Lee Cheol, former CEO of Value Invest Korea (VIK), who was indicted on charges including attracting illegal investment funds worth 60 billion won while out on bail.

The Supreme Court's 2nd Division (Presiding Justice Lee Dong-won) on the 12th dismissed Lee's appeal in the final trial for violating the Capital Markets and Financial Investment Business Act (Capital Markets Act) and other charges, confirming the original sentence of 2 years and 6 months in prison.

Lee was indicted on charges of raising 61.9 billion won in investment funds without submitting a securities registration statement to the Financial Services Commission while involved in a paid-in capital increase of VIK investment companies from December 2015 to April 2016, after being released on bail during his trial for a 700 billion won illegal investment fraud case.

He was also charged with selling 100 billion won worth of Shinrajen shares, an unlisted company, without approval from financial authorities.

In the earlier first and second trials, Lee was acquitted of violating the Act on the Regulation of Conducting Fund-Raising Business Without Permission (similar to the Act on Unauthorized Fundraising), but found guilty of violating the Capital Markets Act and sentenced to 2 years and 6 months in prison.

Lee was previously sentenced to 12 years in prison in 2019 for raising 700 billion won from about 30,000 people without approval from financial authorities. With the additional 2 years and 6 months confirmed on this day, he will serve a total of 14 years and 6 months in prison.

Lee was also known as a victim in the attempted coercion case involving former Channel A reporter Lee Dong-jae.

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