Home Borrower Banker faces 10-year prison sentence after borrowing money in his mother’s name to buy crypto

Banker faces 10-year prison sentence after borrowing money in his mother’s name to buy crypto

0


Source: Adobe / Serhii

A banker in South Korea “illegally borrowed billions of Korean won” on behalf of a relative – in order to invest in crypto, and prosecutors want them behind bars for a decade in order to lead by example.

Per Newsis, the 40-year-old banker, described by the press as “A” on legal grounds, was tried by a section of Jeju District Court, where he pleaded guilty to breaking the aggravated punishment law of some people Crimes.

The court heard that A had “illegally borrowed” more than $ 2.3 million in KRW fiat “on behalf of his mother and other relatives” during a period from October 2019 to March 2020 while ‘he worked in the lending department of an anonymous bank branch in Jeju, a subtropical island province off the south coast of the Korean peninsula.

Prosecutors also explained that A made the decision after their “financial situation became difficult” due to disastrous stock market investments. A then “tampered with bank funds” and “illegally borrowed” the large sum to invest “in cryptocurrency”.

During the aforementioned period, bitcoin (BTC) and most major altcoins were generally on the rise, so most likely A took a punt on a lesser-known altcoin – as the court added that the investment had been called a “loss.”

A’s lawyer requested a pardon, telling the court that they were “determined to lead an honorable life” and “to return to society after having faithfully served” their sentence.

The sentencing court will meet on October 28.

A reportedly “bowed his head” in court and told the judge, “I am sorry for everyone who was injured, including my family and colleagues who all trusted me.

The prosecution, however, called for tougher sentences, saying:

“Crimes like those committed by the accused can lead to problems of public confidence in financial institutions. They should be severely punished.

_____
Learn more:
– Take parts from a buggy compound contract: illegal, unethical or fine?
– How to prevent cryptocurrency theft – and who to blame when it happens

– South Korean presidential campaign team member jailed for Shilling Scamcoin
– Upbit takes over in legal fight against delisted Altcoins issuers


LEAVE A REPLY

Please enter your comment!
Please enter your name here