A man in his 50s was given a prison sentence after defrauding customers out of 540 million South Korean won by tricking them into thinking they could get high profits from financial products.
Incheon District Court’s Criminal Division 5, Judge Song Jong-hwan, announced on the 10th that A (50), who was charged with fraud, was given a two-year prison term.
A, who served as a bank employee for 30 years, was charged with defrauding two individuals, including B, and stealing 540 million South Korean won between September 20, 2024, and January 18 of the previous year.
As per the investigation, A deceived B by stating, “There is a short-term financial product offering good returns as an event. You can receive the principal and profits until the maturity date of the existing fixed deposit.” and managed to obtain 400 million South Korean won.
For victim C, A deceived by stating, “My child is going overseas for education, so I need a balance certificate. If you give me money, I will return it right after verifying the balance,” and “There’s a VVIP-only product, so consider investing money into it,” in order to defraud 140 million South Korean won.
Judge Song outlined the reasoning behind the sentence: “The severity of the crime is evident from the amount of damage caused, and no compensation has been made for the losses. However, I took into account that the defendant acknowledged his mistake and expressed remorse, the fact that he was misled by his own son which had a major impact on the offense, and that this is his first time committing a crime.”
Judge Song did not immediately assign custody in order to allow A a chance to make amends to the victims.
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