"KRW 1 Million a Month for an Account": Investment Fraud Account Broker Sentenced to Prison

Thirteen Victims Suffer Losses Totaling KRW 150 Million

A man in his twenties was sentenced to prison after being prosecuted for recruiting and handing over bank accounts to be used by an investment fraud organization.

An image representing a bankbook. Getty Images

According to the legal community on March 15, Judge Heo Sungmin of the Busan District Court’s 10th Criminal Division sentenced Mr. A to two years and six months in prison on charges including abetting fraud and violating the Electronic Financial Transactions Act. Mr. B, who was prosecuted for providing his account name and assisting Mr. A in evading authorities, was sentenced to one year and two months in prison, suspended for two years, and was ordered to complete 160 hours of community service.

Mr. A was accused of agreeing to receive KRW 2.5 million per account from members of an investment fraud ring in exchange for procuring bank accounts under other people’s names. From September 2024, over a period of five months, he handed over five bank accounts opened under the names of Mr. B and others to the organization. Mr. A recruited account holders by promising to pay KRW 1 million per month if they provided their banking app and password. These accounts were actually used in investment fraud schemes, resulting in losses of KRW 150 million suffered by 13 victims, according to the investigation.

Mr. B was also charged with facilitating a phone conversation between Mr. A and account holder Mr. C via speakerphone in the detention center’s visitation room after Mr. C was arrested and detained by the police. Because the transparent glass partition in the visitation room prevented Mr. A from hearing Mr. C’s statement that he was under police investigation, Mr. B repeated and relayed the message directly. After the visitation, Mr. A escaped to a villa in Seoul that Mr. B had prepared in advance.

Judge Heo stated, "The defendants recruited or provided accounts to be used in investment fraud, thereby facilitating the crimes," adding, "Their culpability is grave."

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