'Fake Fishery Businessman' Sentence Reduced to 7 Years in Second Trial... "The Nature of the Crime Is Very Bad"

[Asia Economy Reporter Kim Hyung-min] The so-called 'fake seafood businessman,' who was sentenced to prison in the first trial on charges of fraud, had his sentence reduced in the appellate court.

The Criminal Division 8 of the Seoul High Court (Presiding Judge Bae Hyung-won, Lee Eui-young, Bae Sang-won) overturned the first trial's sentence of 8 years imprisonment for Kim Mo (44), who was indicted on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, and conspiracy to commit extortion and joint intimidation under the Act on the Punishment of Violent Crimes, reducing it to 7 years imprisonment on the 1st.

The court recognized all of Kim's charges as guilty, just like in the first trial. Regarding Kim's crimes, the court criticized, "There are 7 victims, and the total damage amounts to 11.6 billion KRW, which shows the very serious nature of the crime." However, it explained that the sentence was reduced considering that Kim admitted most of the crimes and reached additional settlements with two victims, including former journalist Song Mo, during the appeal.

Kim was prosecuted on charges of deceiving 7 victims into investing a total of approximately 11.62 billion KRW from June 2018 to January 2021 by falsely claiming that investing in "Seondong Ojingeo" (squid caught and immediately frozen on the boat) would yield 3 to 4 times the profit within a few months.

Kim is also charged with threatening victims who demanded the return of their investment by bringing subordinate employees, and with using subordinates to threaten used car dealers to extort money.

This case drew public attention as it was revealed that former lawmaker Kim Moo-sung's brother invested approximately 8.64 billion KRW and former journalist Song Mo invested approximately 1.74 billion KRW with Kim, suffering losses.