Woori Bank Embezzlement Brothers Receive Additional 3-4 Years for Concealing Criminal Proceeds

The former Woori Bank employee and his younger brother, who are currently serving prison sentences for embezzling 70 billion won from the bank, will serve an additional 3 to 4 years in prison.

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According to the legal community on April 29, the Supreme Court's Second Division (Presiding Justice Park Youngjae) on April 10 upheld the lower court's ruling, sentencing the former Woori Bank employee, identified as Jeon, and his younger brother to four years and three years in prison, respectively, for violations of the Act on Regulation and Punishment of Concealment of Criminal Proceeds and the Real Name Financial Transactions Act.

From 2012 to 2020, they were indicted for embezzling 70.7 billion won from Woori Bank, establishing shell companies, and opening accounts under borrowed names to conceal the funds. They were also charged with forging various agreements, balance certificates, and official documents to disguise the transactions as legitimate.

The first and second trial courts found most of the charges against the two to be guilty and sentenced them to three to four years in prison. Although the prosecution appealed the acquittal on some charges, the Supreme Court found no error in the appellate court's judgment and upheld the ruling.

Previously, they had already been indicted on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes and, in April last year, were sentenced by the Supreme Court to 15 years and 12 years in prison, respectively. A forfeiture order of 72.4 billion won was also finalized. With this additional confirmed sentence, Jeon must serve a total of 19 years, and his younger brother 15 years.

Earlier, prosecutors also brought to trial an employee of a securities company, identified as Noh, who assisted the brothers in their crimes, as well as Jeon's spouse and father. Noh received a sentence of two years and six months in prison and a fine of 50 million won, while the spouse and father were each sentenced to one year and six months in prison.

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