Prison Sentence Finalized for Man in His 70s Who Swindled Commission by Falsely Offering '5 Billion Won Proof of Funds'

Sentenced to Four Months in Prison
Ordered to Pay 40 Million Won in Compensation

A man in his 70s has received a confirmed prison sentence for swindling tens of millions of won in commissions by falsely claiming to have 5 billion won and offering to provide proof of funds.

Supreme Court, Seocho District, Seoul. Photo by Yonhap News Agency

According to the legal community on August 5, the Supreme Court's Third Division (presided over by Justice Lee Heung-gu) recently upheld the original verdict in the appeal trial of Mr. A, who was indicted on fraud charges, sentencing him to four months in prison and ordering him to pay 40 million won in compensation.

In August 2019, Mr. A was brought to trial on charges of deceiving the victim at a law firm office in Seoul by saying, "If you pay 40 million won, I will deposit my 5 billion won for five days and provide a balance certificate," and receiving the cash under the pretense of a service fee.

At the time, Mr. A did not have any funds of his own and was actually in a situation where he needed to borrow money from another financier, yet he pretended as if he was a person of significant means. Investigations revealed that providing proof of funds for the promised period was not realistically possible, and he had neither the intent nor the ability to fulfill his promise to the victim.

The first trial recognized the intent to deceive and misappropriate by noting that Mr. A presented himself as a financier and that the promise could not be kept solely with the service fee. Mr. A was sentenced to four months in prison, with an order to pay 40 million won in compensation. The appeals court also rejected Mr. A's claims of factual misinterpretation and maintained the guilty verdict and sentence.

The Supreme Court concurred. Citing Article 383(4) of the Criminal Procedure Act, the Court dismissed the appeal, stating, "For a case like this, which does not involve a death sentence, life imprisonment, or a sentence of ten years or more, claims that substantially criticize the choice of evidence or findings of fact by the lower court do not constitute legitimate grounds for an appeal."

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