'8 Billion Won Investment Fraud' Mango District Recruiter's 7-Year Prison Sentence Upheld on Appeal

Yonhap News [Financial News] A recruiter who lured Koreans into an investment fraud organization in the "Mango Complex," considered a notorious crime hotspot in Cambodia, could not avoid a prison sentence in the appellate trial as well. On the afternoon of the 11th, the 1st Criminal Appeals Division of the Seoul Southern District Court (Presiding Judge Kim Soon-yeol) dismissed both the prosecution's and Mr.
Kim's appeals and rejected the application for a compensation order during the sentencing hearing for Mr. Kim, a man in his 40s who was arrested and indicted on charges of joining and participating in a criminal organization and fraud.
As a result, the 7-year prison sentence handed down by the same court's 9th Criminal Single Judge Division (Judge Ko So-young) on ​​February 25th was upheld. The appellate court stated, "In light of all the circumstances revealed in the record, it is difficult to view the original sentencing as unfair, as it is neither too heavy nor too light," adding, "We do not accept either the defendant's or the prosecutor's claims regarding the unfairness of the sentencing.
" Previously, the first-instance court stated, "Organized and planned targeting an unspecified number of victims "While strict punishment is inevitable considering the social harm caused by the crime," the court ruled, adding, "We considered mitigating factors such as the defendant's confession and the fact that the actual profit obtained from the crime is not significant compared to the damages.
" Kim was brought to trial on charges of joining a criminal organization within a mango complex in Phnom Penh in January 2024 after being persuaded by an acquaintance that he could make a large sum of money in Cambodia, and then acting as a recruiter for the organization.
According to the prosecution, in February of the same year, Kim involved a Korean acquaintance as a domestic recruiter and recruited five people as sales team members through him.
Subsequently, they recruited two other acquaintances in Korea as members of the sales team.
The organization they operated under the guise of stock investment experts and defrauded approximately 60 victims of 8 billion won over several months in 2024 by promising high returns.
At the final hearing of the appeal trial on the 21st of last month, the prosecution requested the court to sentence them to 13 years in prison, the same sentence requested in the first trial.
psh@fnnews.com Park Sung-hyun Reporter