South Korean Lawyer Sentenced to 20 Months in Prison after Unsuccessful Crypto Investments
The Busan District Court found guilty a 50-year—old man who worked as a lawyer at a law firm, the name of which, along with the name of the lawyer, law enforcement officers keep secret.
In December 2021, this lawyer stole $170,000 from clients and transferred money from his company's account to a personal bank account. The money came from a corporate client who transferred the amount to complete a real estate transaction under a trust contract.
Law enforcement officers cite another case as an example, when the same lawyer appropriated a registration fee in the amount of about $ 1,700, paid by a private client. The accused used the funds for personal purposes, including the purchase of cryptocurrencies. However, the investments turned out to be unsuccessful — investments in crypto assets did not pay off, and the man failed to return the stolen funds.
"The amount of damage caused is great. None of the stolen money was returned. Given these factors, I have no choice but to impose a severe punishment," said the presiding judge Jeong Soon-yeol.
Busan police have noted an increase in crimes related to cryptocurrencies. In December, local police arrested 80 suspected crypto scams. In January, the Busan District Court sentenced a drug dealer who accepted cryptocurrency as payment to seven years in prison. In the same month, the Changwon District Court sentenced to four years in prison an offender who provided fake bank documents to a fake cryptocurrency exchange.
