Prosecutors Indict IDS Holdings Advisory Lawyer Without Detention for Aiding Fraud Causing Over 1 Trillion Won in Damage
[Asia Economy Reporter Heo Kyung-jun] The legal advisor of IDS Holdings, who orchestrated a multi-level marketing scam worth over 1 trillion won, has been indicted for aiding and abetting fraud.
The Criminal Division 4 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Shin Dae-kyung) announced on the 28th that lawyer A was indicted without detention on charges of aiding and abetting fraud.
Lawyer A, who was the defense attorney for former CEO Kim Seong-hoon, known as the "Second Jo Hee-pal," served as the legal advisor for IDS Holdings and is accused of aiding and abetting the fraud by giving lectures from April to August 2016 to unspecified investors and branch managers, claiming that Kim's punishment was unjust.
According to the prosecution, lawyer A repeatedly gave lectures asserting that IDS Holdings was operating normally, generating profits, and that future earnings would be substantial.
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Former CEO Kim was sentenced to 15 years in prison in 2017 after being found guilty of deceiving over 10,000 investors between November 2011 and August 2016 by promising high returns on investments and pocketing 1.096 trillion won.
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