'1 Trillion Won Multi-Level Marketing Scam' Former IDS Holdings CEO Receives Additional 6-Month Prison Sentence for Bribery

[Asia Economy Reporter Kim Hyung-min] Former IDS Holdings CEO Kim Seong-hoon, who is serving time for a multi-level marketing fraud involving over 1 trillion won, has been sentenced to an additional 6 months in prison after it was revealed that he bribed a police officer with tens of millions of won.

On the 17th, Judge Hong Chang-woo of the Seoul Central District Court Criminal Division 1 sentenced Kim to 6 months in prison for bribery.

Kim is accused of giving police officer Yoon, whose full name is withheld, bribes worth approximately 63.9 million won in exchange for leaking investigation information during the police probe into IDS Holdings. Yoon was sentenced to 5 years in prison in September 2018 after being convicted of bribery and official secrets leakage when this was uncovered.

Known as the "second Jo Hee-pal," Kim was indicted for embezzling over 1 trillion won in investment funds from more than 10,000 victims by luring them with high returns from November 2011 to August 2016. In December 2017, the Supreme Court finalized his sentence to 15 years in prison.

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