‘1.6 trillion won’ damage: Former Lime VP Jongpil Lee sentenced to 20 years in prison finalized

Supreme Court: "No Impropriety in Original Trial's Sentencing Considering Crime Motive and Other Sentencing Factors"

Lee Jong-pil, former vice president of Lime Photo by Yonhap News

[Asia Economy Reporter Heo Kyung-jun] Former Lime Asset Management Vice President Lee Jong-pil has been sentenced to 20 years in prison in connection with the 'Lime Asset Management Scandal,' which caused financial damage worth approximately 1.6 trillion won.

The Supreme Court's 2nd Division (Presiding Justice Cho Jae-yeon) on the 10th upheld the 20-year prison sentence handed down by the lower court in the final appeal trial of former Vice President Lee, who was indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (including bribery).

Won Mo, former CEO of Lime, who was indicted alongside Lee, was sentenced to 3 years in prison and fined 300 million won, while Lee Mo, the former head of the marketing department, received a 3-year prison sentence with a 4-year probation and a fine of 100 million won.

Lee and others were prosecuted for hiding the fact that the International Investment Group (IIG) fund was in poor condition and unlikely to generate profits while continuing to sell the fund. Lee is also accused of receiving approximately 1.4 billion won worth of valuables, including investments in the KOSDAQ-listed company Lead, luxury watches and bags, and leasing foreign cars, as bribes.

In the first trial, charges of 'fund fraud' and 'rolling over bad debts' were separately examined. The first trial sentenced Lee to 15 years in prison and a fine of 4 billion won for fund sales fraud, and ordered him to pay a confiscation amount of approximately 1.44 billion won. For the rolling over bad debts charge, he was sentenced to 10 years in prison, fined 300 million won, and ordered to pay about 77 million won in confiscation.

The second trial combined the charges of fund fraud and rolling over bad debts, sentencing Lee to 20 years in prison, a fine of 4.8 billion won, and ordering confiscation of about 1.81 billion won. The second trial court stated, "Lime Asset Management caused substantial and serious damage and suffering to both itself and its investors, was a major cause of the 'Lime Scandal,' and the scale, purpose, and method of the crime were reprehensible."

The Supreme Court also agreed with the second trial's judgment. The court ruled, "Considering the defendant's age, character, environment, the motive, means, and results of the crime, and circumstances after the crime, even taking into account the reasons for appeal, the sentencing by the lower court is not unjust."

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