Chairman Lee Sang-eun of Heostem Korea Sent to Prosecution for 1 Trillion Won Fraud Case
Fraud and Similar Deposit Solicitation Charges
Lee Sang-eun, chairman of Hustem Korea, who is suspected of an illegal multi-level marketing scam worth over 1 trillion won, has been handed over to the prosecution.
On the 7th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced that on the 31st of last month, Chairman Lee was sent to the Seoul Central District Prosecutors' Office on charges of fraud and violation of the Act on the Regulation of Conducting Fund-Raising Business without Permission, among others.
Chairman Lee is suspected of running Hustem Korea, a multi-level marketing-like organization, and collecting more than 1.19 trillion won from about 100,000 members under the pretext of membership fees.
According to the police investigation, Hustem Korea was found to have disguised itself as a trading business for agricultural, fishery, and livestock products, promoting that investment funds were paid out as virtual assets inflated by 2.6 times, which could be used for cash or franchise payments.
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Earlier, Chairman Lee was arrested and indicted in January on charges of violating the Act on Door-to-Door Sales, and after undergoing trial, he was sentenced on August 29 to the maximum prison term of 7 years and a fine of 1 billion won. Chairman Lee, who had been released on bail in May, was immediately taken into custody in court upon sentencing.
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