An Elder Who Loved Investment More... Embezzled Pastor's Retirement Fund for Coins and Stocks Use

Ulsan District Court Sentences to 3 Years and 6 Months Imprisonment
Recovery of Losses from Stock Investment Impossible

A man in his 60s who secretly embezzled hundreds of millions of won from a church pastor's retirement fund over more than six years to invest in cryptocurrency and stocks was sentenced to prison.

On the 11th, the 11th Criminal Division of Ulsan District Court (Presiding Judge Lee Daero) announced that Mr. A, who was indicted on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, was sentenced to 3 years and 6 months in prison.

On the 11th, the 11th Criminal Division of Ulsan District Court (Presiding Judge Lee Daero) announced that it sentenced Mr. A, who was indicted for violation of the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement) and breach of trust in the course of business, to 3 years and 6 months in prison.
[Photo by Asia Economy]

Mr. A was indicted on charges of embezzling 590 million won from Pastor B's retirement fund over 75 occasions while serving as an elder at a church in Yangsan-si, Gyeongnam, from January 2016 to April 2022, and using the money for personal purposes.

He also took out a 36 million won term loan using the bankbook containing Pastor B's retirement fund. Mr. A used the embezzled money to repay personal debts and invest in cryptocurrency and stocks.

The court stated, "Due to the defendant's crimes, the church suffered significant financial losses, and most of the damages were used for stock and cryptocurrency investments, making recovery practically impossible, so a prison sentence is inevitable. However, considering that he admitted his wrongdoing and showed remorse, has no prior criminal record, and returned 111.5 million won of the damages, the sentence was determined accordingly."

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