▲ Former lawmaker Tae Young-ho
The eldest son of former People Power Party lawmaker Tae Young-ho, who was put on trial for a virtual asset investment scam worth around KRW 1.8 billion, has been sentenced to prison in the first trial.
The 25th Criminal Division of the Seoul Central District Court (Presiding Judge Heo Jeong-ryong) sentenced the defendant, surnamed Tae, to 3 years and 6 months in prison today (Nov. 4) on charges including fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.
The court pointed out that the nature of the crime was severe, as Tae swindled more than KRW 1.8 billion from victims and repeatedly committed crimes against multiple victims.
It also noted that some victims are petitioning for severe punishment and are suffering from significant financial distress.
However, the court explained that it handed down a sentence lower than the lower bound of the sentencing guidelines, which is 4 years in prison, taking into consideration that he partially restituted the damages to the victims and is a first-time offender with no prior criminal record.
Tae was arrested and indicted in May on charges of taking and embezzling approximately KRW 1.46 billion from acquaintances under the pretext of investing in virtual assets on their behalf to generate profits.
Later, additional crimes amounting to about KRW 400 million were uncovered, leading to two additional indictments that were subsequently merged into the trial.
During the sentencing hearing in September, prosecutors demanded an 8-year prison sentence.
Previously, the same court ordered Tae to compensate a victim around KRW 800 million in a civil lawsuit related to this case.
(Photo: Yonhap News)
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