Prosecutors Seek 5-Year Prison Term for Eldest Son of Former Lawmaker Thae Yong-ho in 1.4 Billion Won Crypto Fraud Case

Prosecutors have requested a five-year prison sentence for the eldest son of former People Power Party lawmaker Thae Yong-ho, who is charged with defrauding victims of 1.4 billion won through cryptocurrency investment fraud.
The prosecution made the request today during the first trial for the defendant, surnamed Thae, held at the Seoul Central District Court (presided over by Judge Heo Jeong-ryong) on charges including fraud under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.
The prosecution stated, "The damage amounts to 1.4 billion won, and the defendant abused his relationship of trust with the victims. The nature of the crime is grave, as he continued his criminal activities by using money from other investors to pay off debts, a practice known as 'robbing Peter to pay Paul'."
Prosecutors explained that they sought a five-year sentence considering that the damages have not been recovered and that repayment of the defrauded funds is unlikely.
In his closing argument, Thae's defense attorney pleaded for leniency, stating, "The defendant admits to his wrongdoing and has cooperated faithfully with the investigation by submitting financial transaction records and cryptocurrency transaction history to the investigative authorities."
In his final statement, Thae said, "I am wrong. Please show leniency just this once."
The court has scheduled the sentencing for September 2.
Thae was arrested and indicted in May on charges of swindling approximately 1.4 billion won from acquaintances under the pretense of investing in cryptocurrency on their behalf to generate profits.
The prosecution believes that Thae used his status as the son of the former lawmaker to solicit investment funds, which he then misappropriated instead of actually investing in cryptocurrency.
Previously, the same court ruled in a related civil lawsuit that Thae must pay approximately 800 million won in damages to the victims.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.