'Optimus Core Broker' Jeong Young-je, Final Judgment by Supreme Court

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] Jeong Young-je, former head of alternative investments at Optimus Asset Management (hereafter Optimus), who has been identified as an accomplice in the Optimus fund fraud case, will receive a final judgment from the Supreme Court.

According to the legal community on the 2nd, Jeong submitted a notice of appeal to the Criminal Division 3 of the Seoul High Court (Presiding Judges Park Yeon-wook, Park Won-cheol, Lee Hee-joon), which handled the appellate trial, on the same day.

Jeong is accused of colluding with Kim Jae-hyun, CEO of Optimus, and others from June 2017 to March 2018 to deceive the Korea Communications Agency into believing they were investing in public institution sales receivables, thereby embezzling approximately 106 billion KRW. He is also charged with embezzling several hundred million KRW of company funds that were hidden to avoid compulsory execution, under the pretext of attorney fees.

The first trial sentenced Jeong to 8 years in prison and a fine of 500 million KRW, ordering the confiscation of about 270 million KRW. In the second trial, Jeong's embezzlement amount increased significantly from about 420 million KRW to 1.2 billion KRW due to changes in the prosecution's indictment. Acknowledging this, the second trial sentenced him to a heavier sentence of 9 years in prison than the first trial.

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