"Medium Sentence for CEO of Cryptocurrency Electronic Payment Company Regarding 'Refund on Utility Bill Coin Payment'"
Raised 855 Billion KRW in Investment Funds from Over 8,000 People
The prosecution has requested prison sentences of 12 years and 15 years respectively for the CEO of a cryptocurrency electronic payment company and the CEO of its affiliate, who illegally collected 855 billion won in investment funds by deceiving people with promises of returning a portion of the payment amount when paying utility bills with cryptocurrency.
According to the legal community on the 9th, at a trial held the previous day presided over by Judge Kim Jae-eun of the Seoul Southern District Court Criminal Division 13, the prosecution requested the court to sentence Yeom, the CEO of the affiliate of the cryptocurrency electronic payment company OnNetworks, who was indicted on charges including fraud, to 12 years in prison. Earlier, the prosecution had requested 15 years in prison for OnNetworks CEO Park and 5 years for executive Kim.
They are accused of launching the cryptocurrency-based electronic payment service "OnNetworks" and recruiting members from 2021 until February last year, deceiving them by promising to return 4-9% of the payment amount as points when paying utility bills through this service, thereby engaging in unauthorized fundraising of 855 billion won from about 8,000 people. About 10 victims attended the trial that day and pleaded with the court to impose severe punishment on CEO Park and others.
CEO Park made a final statement, saying, "I ask for forgiveness from the victims, and if given two months, I am confident I can restore the damages to those present here," adding, "If I receive the first trial sentence and am given time even before appealing, I believe I can ask for forgiveness and recover the damages."
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In his final statement, Yeom said, "As an executive, I bear moral responsibility, but this was beyond my role," denying the charges.
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