According to legal circles, the First Division of the Supreme Court will hand down its ruling on the appeal of Nam and his nine accomplices, who were indicted on charges of fraud and violating the Real Estate Real Name Act, at 10:10 a.m. on the same day.
From March 2021 to July 2022, Nam stole 14.8 billion won in deposits for 191 apartments and other condominiums in the Michuhol-gu area of Incheon.
The first trial sentenced Nam to 15 years in prison, the maximum sentence for fraud, and stole 11.5 billion won (approximately 1.25 billion yen).
The court also imposed additional fines and sentenced the accomplices to between four and 13 years in prison. However, the second trial reduced Nam's sentence by more than half to seven years. Two of the nine accomplices were also found innocent.
The second trial found that the only crimes of fraud were those related to the deposits received after January 2022, when Nam's financial situation is estimated to have worsened. The accomplices were charged with fraud in May 2022.
The court found him guilty only of contracts signed after that date. It also found only new contracts and contracts with increased amounts to fraud, calculating the damages at approximately 6.8 billion won (approximately 740 million yen).
The victims are strongly opposed to the second-instance ruling. The Committee for Victims of Jeonse Fraud said, "The second-instance ruling sided with the perpetrators."
Since November last year, they have been holding demonstrations in front of the Supreme Court demanding the dismissal and remand of the case. The current case is one of the cases involving the jeonse fraud case (53.6 billion won/approximately 5.84 billion yen) for which Nam was indicted.
Nam is known as the "King of Construction" and owns around 2,700 properties in the Incheon and Gyeonggi-do areas.
2025/01/23 07:14 KST
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