A banker in South Korea “illegally borrowed billions of Korean received” within the identify of a relative – with the intention to put money into crypto, and prosecutors need to put them behind bars for a decade with the intention to set an instance.
Per Newsis, the 40-year-old banker, referred to by the press as “A” for authorized causes, was tried at a department of the Jeju District Courtroom, the place they pleaded responsible to violating the Act on the Aggravated Punishment of Particular Financial Crimes.
The courtroom heard that A has “illegally borrowed” over USD 2.3m price of fiat KRW “within the identify of his mom and different kinfolk” in a interval from October 2019 to March 2020 whereas working within the loans division of an unnamed financial institution department in Jeju, a sub-tropical island province off the south coast of the Korean peninsula.
Prosecutors additionally defined that A had taken the choice after their “monetary state of affairs grew to become tough” attributable to disastrous inventory market funding. A then “tampered with financial institution funds” and “illegally borrowed” the massive sum to take a position “in cryptocurrency.”
Through the aforementioned time interval, bitcoin (BTC) and most main altcoins had been usually on the ascendency, so, probably, A took a punt on a lesser-known altcoin – because the courtroom added that the funding had been chalked up as a “loss.”
A’s lawyer appealed for clemency, telling the courtroom that they had been “dedicated to residing an honorable life” and “returning to society after faithfully serving” their sentence.
The courtroom will reconvene for sentencing on October 28.
A reportedly “bowed their head” in courtroom and instructed the choose: “I’m sorry to all of the individuals who have been harmed, together with my household and colleagues who all trusted in me.”
The prosecution, nevertheless, referred to as for harsher punishment, stating:
“Crimes like these dedicated by the defendant crimes can result in issues with public belief in monetary establishments. They need to be punished severely.”