Broker who swindled billions with overseas futures investment bait... "Used for Bitcoin investment"

An investment broker was sentenced to imprisonment in the first trial for embezzling hundreds of millions of won by luring clients with overseas futures trading and using the funds for Bitcoin investment. Photo by Moon Honam munonam@

[Asia Economy Reporter Oh Gyumin] An investment broker was sentenced to prison in the first trial for embezzling hundreds of millions of won by luring victims with overseas futures trading and using the money for Bitcoin investment.

Judge Jang Youngchae of the Criminal Division 2 at the Seoul Western District Court announced on the 3rd that A (42), who was indicted on charges of fraud, was sentenced to 2 years and 6 months in prison.

According to the court, A, who was engaged in investment trading and brokerage of overseas futures products, is accused of embezzling about 250 million won in six installments from victim B, a senior in society, from last November to February by saying, "If you transfer money to a bank account in my name, I will invest that money in overseas derivatives."

Prosecutors' investigation revealed that A used the embezzled amount for investment in Bitcoin cryptocurrency. It is also known that he took out a loan worth about 200 million won through a financial institution and is undergoing personal rehabilitation review.

Judge Jang pointed out, "The defendant deceived the victims and embezzled more than 250 million won, using all the money for investment in cryptocurrencies such as Bitcoin, which is a serious offense," and added, "The damage has not been recovered at all, no settlement has been made, and B is petitioning for severe punishment against A."

However, Judge Jang explained the sentencing reason, saying, "A confessed to the crime and is remorseful, and has no prior criminal record," and "there is a need to provide an opportunity for compensation to the victims, so he will not be detained in court."

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