Ringleader in 76 Billion Won 'Suwon Family Jeonse Fraud' Receives 15-Year Supreme Court Sentence... Maximum Legal Penalty Confirmed
by Yeom Dayeon
Published 25 Sep.2025 10:43(KST)
Updated 25 Sep.2025 14:12(KST)
Wife and Son Also Receive Final Sentences of 6 and 4 Years
Defrauded Over 500 Victims Through Zero-Capital Gap Investment
Jeong, the main perpetrator of the 76 billion won "Suwon family rental fraud" case, has been sentenced to 15 years in prison, the maximum penalty for fraud under the law, as confirmed by the Supreme Court.
On September 25, the Supreme Court's Second Division (Presiding Justice Oh Kyungmi) upheld the lower court's ruling, sentencing Jeong to 15 years in prison on charges including fraud. His wife, Kim, an accomplice, was sentenced to 6 years, and their son, Jeong, received 4 years. All sentences were the same as those handed down by the lower court.
The Supreme Court stated, "There was no violation of logical or empirical rules, nor any misunderstanding of the legal principles regarding the establishment of fraud, in the lower court's judgment," and added, "It cannot be said that sentencing Jeong to 15 years in prison is excessively unjust."
The Jeong family was accused of owning 788 villa units and other properties in Suwon and nearby areas from January 2021 to August of last year, using a so-called "zero-capital gap investment" method, and failing to return approximately 76 billion won in rental deposits to more than 500 tenants. It was revealed that Jeong continued to sign contracts and operate rentals through a "Ponzi-like" scheme, despite having debts exceeding 70 billion won.
Their son Jeong, a certified appraiser, was also accused of participating in the crime by inflating the appraised value of rental properties at his father's request, a practice known as "up appraisal."
The first trial court stated, "Rental deposits often represent the entirety of an adult's assets and are directly linked to housing stability, so the harm caused by the defendant's crime is far more severe than the total financial loss," sentencing Jeong to 15 years in prison. Kim and their son Jeong were sentenced to 6 and 4 years, respectively. However, they were acquitted of violating the Appraisal Act.
The appellate court also maintained the initial sentences, stating, "The defendants caused severe financial damage to the victims." Both the Jeong family and the prosecution appealed, but the Supreme Court found no fault with the lower court's judgment and dismissed the appeals on this day.
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