Prosecution Appeals 12-Year Sentence for Former Cheongjo Impersonating Chaebol

Posing as a Third-Generation Chaebol Heir to Commit Tens of Billions in Investment Fraud

Jeon Cheong-jo, who was indicted on charges of fraud and forgery of official and private documents under the Act on the Aggravated Punishment of Specific Economic Crimes, was sentenced to 12 years in prison at the first trial held on the 14th at the Seoul Eastern District Court.
[Image source=Yonhap News]

The Seoul Eastern District Prosecutors' Office announced on the 16th that it has appealed the first trial verdict sentencing Jeon Cheong-jo (28), who impersonated a third-generation chaebol heir and committed an investment fraud worth tens of billions of won, to 12 years in prison.

The prosecution explained, "We appealed considering that Jeon committed the crime again despite multiple previous fraud convictions, that there were numerous victims and the scale of the damage was very large, that all the stolen money was used for luxury, making recovery of damages unlikely, and that the crime was a planned act solely for a lavish lifestyle."

Jeon has been on trial for allegedly embezzling about 3 billion won from 27 people he met through lectures and other means from April 2022 to October last year under the pretext of investment funds.

On the 14th, the 11th Criminal Division of the Seoul Eastern District Court (Presiding Judge Kim Byung-chul) sentenced Jeon, who was indicted in custody on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and forgery of official documents, to 12 years in prison.

The prosecution had previously demanded a 15-year prison sentence for Jeon.

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