Prosecutors Indict 8 Including CEO of Cosmetics Company for 1 Trillion Won Investment Fraud
[Asia Economy Reporter Lee Jung-yoon] Eight executives, including the CEO of a company accused of impersonating a cosmetics company to embezzle investment funds worth over 1 trillion won, have been brought to trial.
On the 12th, the Seoul Eastern District Prosecutors' Office announced that it had arrested and indicted Um Mo (57), CEO of the cosmetics company 'Ash Seven', and four executives on charges of fraud and violation of the Act on the Regulation of Conducting Fund-Raising Business without Permission. Additionally, four company officials involved in the crime were also indicted without detention on charges including fraud.
According to the prosecution, they are accused of collecting approximately 1.2 trillion won from about 7,000 people over four months through a multi-level scheme promising 5% interest on investments for four months and returning the principal in the fifth month.
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A prosecution official stated, "Investigations are still ongoing for the remaining 56 individuals who were also referred together."
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