Twentysomethings Pocketed 1.7 Billion Won Through Illegal Lending... Appeal for Leniency in Appeals Trial, Citing Consignment

[Financial News] A group involved in illegal lending, who collected high interest rates exceeding the legal limit from hundreds of people, appealed for leniency during their appeals trial, stating, "We just want to live as ordinary young people."
On the 23rd, the Seoul Western District Court Criminal Division 2-1 (Presiding Judge Jung Sung-kyun) held the first appeal hearing for Mr. Kim, 26, and Mr. Kim, 28, who were indicted on charges including violating the Act on Regulation and Punishment of Criminal Proceeds Concealment.
From last year until March of this year, the two operated an unregistered lending business in Ansan, Gyeonggi Province, lending 1 billion won to about 600 people and collecting 1.7 billion won in interest exceeding the legal maximum annual rate of 20 percent. In the first trial, they were each sentenced to 1 year and 6 months in prison. The court also ordered forfeitures of approximately 670 million won and 28 million won, respectively.
During the appeal, the prosecution argued that the sentences from the first trial were too lenient and appealed on the grounds of improper sentencing. The defense also claimed that the forfeiture was excessive and the sentences were too harsh. The defense attorney requested the court to reconsider both the forfeiture calculation and sentencing, stating, "Mr. Kim, 28, has paid the full forfeiture amount, and Mr. Kim, 26, is in the process of making additional consignments."
The defense explained that from October 14 to 17, consignments were made for about 200 victims, and that they plan to complete additional consignments for the remaining 260 victims.
In their final statements, both defendants admitted to their crimes and expressed apologies to the victims. For those victims who have not reached a settlement, they pledged to take responsibility through consignment.
The court stated, "As there are many victims in this case, it will take considerable time to confirm the victims and process the consignments," and scheduled the sentencing for December 4.
425_sama@fnnews.com Choi Seung-han Reporter