On January 23, 2020, the Defendant was sentenced to 12 years of imprisonment with prison labor for the violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Fraud) in the Sungwon District Court's Sungnam branch on January 23,

Criminal facts

On November 2017, the Defendant paid KRW 150 million to the victim EA in the name of the proceeds from a public sale of a master book, etc. attached to a customs office and made an investment from around 13th of the same month to July 25, 2018, the Defendant paid KRW 150 million in total from the victim under the name of the proceeds from an investment, and returned the said investment principal to the victim on October 5, 2018.

However, in fact, the Defendant purchased the goods from the public auction from the customs house and carried out as if he was an expert in the public auction even though he did not have a plan or ability to make profits by selling them, received money from many people in the same contents and paid the proceeds in the form of a prompt return to each investor in the money, and in order to see that he purchased the goods from the public auction, he has purchased the used goods such as clocks from the used goods store and paid the proceeds by using another person's credit card.

1. On October 2018, the Defendant made a false statement to the effect that the Defendant would guarantee the victim’s profit if he/she made an additional investment in the business related to the purchase of goods for public sale as if he/she was an expert in the public sale.

However, the Defendant did not have any intent or ability to invest in the business related to the purchase of goods at a public auction even if he received money from the victim for the foregoing reason.

As such, the Defendant, by deceiving the victim as such, received KRW 50 million from the victim to the N Bank account in the name of G as the investment deposit around October 10, 2018, as well as from the time to January 8, 2019.