Man in His 40s Impersonated Brokerage Manager and Swindled More Than 3 Billion Won from Eight Women

[Financial News] Police are searching for a man in his 40s who allegedly approached women while posing as an executive at a major securities firm or an investment expert and swindled tens of billions of won from them.
According to the recently aired MBC program True Story Expedition, the suspect, identified by the pseudonym Jeon Jae-hyun, met his victims through book clubs and dating apps. Standing 183 centimeters tall and dressed neatly, he falsely claimed to be a brokerage manager who had studied in Australia or a futures-trading expert. He built their trust by calling them dozens of times a day and taking meticulous care of them. He even promised marriage, saying, "I’ll list you as my fiancée, so I’ll cover your card bills with a company-sponsored credit card."
Jeon’s demands for money began after the relationships started. He cited reasons such as, "Stocks held under another person’s name have been flagged, so I need to pay a forfeiture payment," and, "I’m short of the deposit for a client contract." When the victims said they had no money, he allegedly pressured them to take out loans or open cryptocurrency accounts. One victim, identified by the surname Kang, said, "He told me that he had bought stocks under another person’s name and was hit with a forfeiture payment five times the amount of his profits." She added, "Honestly, it was a large sum, and I stayed by his side because I wanted to get that money back."
The money he received from the victims was reportedly spent on online gambling. As his losses mounted, Jeon even demanded that the victims travel abroad to gamble. Kang said, "The card bills came to 20 million or 30 million won at a time," adding, "He said he was being tracked by the police and told me to go to Singapore." Kang traveled to a casino in Singapore with 10 million won but lost most of it betting on roulette.
Jeon also reportedly used a rollover scheme, taking money from one victim and giving part of it to another. Victim Woo said, "If this woman complained that she had no money, he gave some to her, and if that woman said she had none, he gave a little to her." Woo added, "He kept the scheme going with the victims’ money, giving them tiny amounts—just enough to keep them from dying." When the victims demanded their money back, Jeon allegedly appealed to their emotions, saying, "I really want to die. How am I supposed to repay all the money I took?" He also reportedly displayed violent behavior.
His false identity was exposed when the victims visited the securities firm where Jeon claimed to work. The company had no record of his employment, and the business cards he used were fake. At least eight women were reportedly victimized, with the total losses exceeding 3 billion won. Jeon also used bank accounts and a mobile phone registered in his biological mother’s name in the alleged crimes, leaving his mother with damaged credit. Jeon’s mother said, "He left me completely ruined," adding, "If he committed the crimes, he should face the consequences."
Jeon was a four-time convicted offender with a previous conviction for using the same method. In 2019, he was sentenced to three years in prison for allegedly taking approximately 190 million won from four women. Although his diary during his imprisonment said, "Let’s never serve time again," he reportedly resumed his crimes immediately after his release, using a pseudonym. Victim Lee testified, "When I went to Gangnam Police Station, I learned that, besides me, there were four other women whom his girlfriend had seen at the time." Lee added, "That was when I found out he had already been convicted four times."
Experts believe Jeon derives satisfaction from the criminal process itself. Professor Oh Yoon-sung of Soonchunhyang University (SCH) said, "He has a strong tendency toward behavioral addiction and feels pleasure during this process." Oh added, "Whether he has money is a secondary issue. Because he feels pleasure only by continuing this, victims will inevitably keep emerging unless he is arrested quickly."

[email protected] Han Seung-gon Reporter