'3 Billion Won Investment Fraud' Former Cheongjo Sentenced to 12 Years in Prison... Court Says "Doubtful Remorse"

Jeon Cheong-jo (27), who was prosecuted for impersonating a third-generation chaebol heir and committing investment fraud worth tens of billions of won, was sentenced to a heavy prison term.

The Criminal Division 11 of the Seoul Eastern District Court (Presiding Judge Kim Byung-chul) held the sentencing hearing on the 14th for Jeon, who was charged with violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud, etc.), and sentenced him to 12 years in prison.

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The court explained the sentencing rationale, stating, "The defendant committed numerous fraud crimes and, immediately after serving a prison sentence, instead of showing remorse, approached celebrities to commit further fraud. He repeatedly deceived everyone around him, ruining the lives of many people."

It added, "The amount of damage reaches 3 billion won, and the victims have not forgiven him. As the defendant himself said that his daily life was a fraud, we hope he reflects on his past crimes and how he has lived."

Jeon was arrested and indicted on charges of impersonating a "third-generation chaebol heir born out of wedlock" from April 2022, deceiving 27 people by claiming there were investment opportunities, and embezzling over 3 billion won.

In the sentencing hearing held on the 31st of last month, the prosecution demanded 15 years in prison, arguing that Jeon committed the crimes to support a lavish lifestyle and that the possibility of recovering the damages was slim.

After the prosecution's demand, Jeon tearfully said, "I promise to restore the damages through actions, even if it takes time," and apologized for causing social unrest. He also pleaded, "Please consider that I fully admit to the crimes."

However, the court rejected this, stating, "His claim that he loved celebrities and sincerely regrets the crimes in this case sounds doubtful and hollow."

Meanwhile, the court also sentenced Lee, who was indicted as an accomplice and served as Jeon's security team leader, to 1 year and 6 months in prison, saying, "No apology or compensation has been made to the victims due to his involvement in the crimes."

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