Using 'Coin Investment Advice' as Bait, Man in His 30s Swindles 30 Million Won from Scam Victim

[Financial News] A man in his 30s who deceived a previous scam victim by promising profits from coin investments and stole 30 million won has been sentenced to prison.
According to the legal community on the 17th, the Seoul Northern District Court's Criminal Division 7, presided over by Judge Kim Sun-beom, sentenced Mr. A (36) to one year in prison on charges of fraud on the 24th of last month. The court also ordered him to pay 30.24 million won in restitution to the applicant.
Mr. A was prosecuted for defrauding Mr. B, who had previously been a victim of fraud, of a total of 30.24 million won in nine separate transactions between July and August 2022.
Investigations revealed that Mr. A contacted Mr. B after reading a post in an online forum frequented by scam victims, claiming that his own sibling had suffered a similar loss and offering advice. He presented a business card indicating he was an investment solicitation agent at a well-known domestic securities firm and showed a photo of an account balance, falsely portraying himself as an investment expert.
Mr. A reportedly told Mr. B, who expressed fear due to prior scam experiences, "I will personally trade on virtual asset exchanges such as Binance, Bithumb, and Upbit to generate profits for you," and repeatedly assured, "Even if there are losses, I can guarantee the principal with my own money."
It was found that Mr. A had never worked at the securities firm for five years, nor had he made significant profits by investing directly in the mentioned virtual asset exchanges. The money received from Mr. B was transferred to an acquaintance he met through YouTube and was intended for personal use, including as investment funds. He had no significant assets and neither the intention nor the ability to deliver promised profits or return the principal to the victim.
Mr. A also has a prior criminal record, having been sentenced to one year in prison by the Incheon District Court in June 2020 for violating the Electronic Financial Transactions Act.
The court stated, "The defendant's conduct is particularly egregious as he targeted a victim by approaching someone in a support group for scam victims and stole money. The crime was committed during a repeat offender period, no settlement has been reached with the victim, and there has been no restitution."
jyseo@fnnews.com Seo Ji-yoon Reporter