South Korean court sentences man in his 50s to 5 years in prison for ”50% return” and convertible bond/coin investment fraud

A woman in her 50s has been sentenced to prison for defrauding acquaintances out of 2.7 billion won (US$2.7 million) in investments in convertible bonds, stocks, and coins.
The Gwangju District Court in South Korea sentenced Defendant A (a 53-year-old woman) who was indicted on charges of violating the Act on Aggravated Punishment of Specific Economic Crimes (fraud) to five years in prison.
The defendant, A, swindled 2.7 billion won (approximately 290 million yen) from nine victims dozens of times between 2020 and 2022 under the pretext of investment and recruitment.
The investigation revealed that Defendant A had misled people by telling them they could earn a high return of 20-50% by investing in convertible bonds and encouraging them to invest in coins.
It was discovered that Defendant A, who was in financial difficulty, was in a state of "running on a shoestring" with most of his investment money going to debt repayments.
The court said, "The defendant's crimes are serious because of the large amount of damage and the large number of victims.
"The victims have complained about the financial and mental suffering caused by the crime and are pleading for severe punishment of the defendant. The defendant has no prior criminal record and is fully aware of the crime.
The sentence will be decided taking into consideration the points he has admitted to and shown remorse for," he said, explaining the reasons for the sentence.