"I Will Definitely Repay" — Father and Son Receive Suspended Prison Sentences for Embezzling 400 Million Won in Construction Payments

A father and son who deceived a contractor by promising to pay 400 million won upon completion of finishing work, but instead embezzled the funds, have been sentenced to prison with a suspended sentence.
According to the legal community on the 21st, the Seoul Northern District Court’s Criminal Division 1, presided over by Judge Jeong Deok-su, sentenced Mr. A (66) and his son Mr. B (41) to one year in prison, suspended for two years, on fraud charges on the 11th.
In January 2020, Mr. A and Mr. B told victim Mr. C, "We are unable to proceed with the second phase of finishing work due to a lack of funds. If you complete the work, we will pay you 400 million won." They were indicted on charges of fraudulently obtaining 413 million won in this manner.
Mr. C completed the second phase of finishing work between February and November 2020, but it was found that he did not receive any payment.
According to prosecutors, the father and son had neither the intention nor the ability to pay the construction fees. They were burdened with debts exceeding 2 billion won and had little in the way of assets. Although the first phase of the project had been completed, most of the units had not been sold, and funds from unrelated projects were being embezzled to pay construction costs. Numerous creditors who had not received payment were preparing to exercise liens or secure their claims, making it unclear whether loan approval could be obtained after completion.
The court noted, "Although a settlement was reached with the victim, the defendants deceived the victim into believing they could pay the construction fees, which is a serious offense."
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