Prosecutors Seek 5-Year Sentence for Taeyong Ho's Son Over Virtual Asset Investment Fraud

Accused of Embezzling 1.4 Billion Won from Acquaintances
Received Investment Funds by Claiming to Be "Taeyong Ho's Son"

Prosecutors have requested a five-year prison sentence for the eldest son of former People Power Party lawmaker Taeyong Ho, who is accused of embezzling 1.4 billion won through a virtual asset investment scam.

Former People Power Party lawmaker Tae Young-ho. Photo by Yonhap News Agency

On July 7, during the first hearing of the case presided over by Judge Heo Jeongryong of the Seoul Central District Court's Criminal Agreement Division 25, prosecutors made this request. The case concerns charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and other related offenses.

Prosecutors stated, "The amount of damages reaches 1.4 billion won, and the defendant exploited trust relationships with the victims. The gravity of the crime is severe, as he continued his offenses by repaying debts with funds from new investors, a so-called Ponzi scheme. We also considered that the damages have not yet been recovered and it is unlikely that restitution will be made."

The defense argued in their closing statement, "The defendant admits his wrongdoing and fully cooperated with the investigation, submitting financial transaction records and virtual asset trading history to the authorities," appealing for leniency. The defendant also pleaded, "I was wrong. Please give me one chance," in his final statement.

Taeyong Ho's son was indicted and detained in May on charges of taking approximately 1.4 billion won from acquaintances under the pretense of investing in virtual assets for profit. Prosecutors believe he solicited funds by emphasizing his status as the son of the former lawmaker, but actually misappropriated the money without investing it in virtual assets.

Previously, the same court ordered Taeyong Ho's son to pay more than 800 million won in damages to a victim in a related civil lawsuit.

The court has scheduled the sentencing hearing for September 2.

This content was produced with the assistance of AI translation services.