Jang Ha-won, former CEO of Discovery Asset Management, was found not guilty of cheating investors to sell insolvent funds worth 100 billion won.
The Supreme Court today (9th) upheld the original ruling that acquitted Jang, who was indicted on charges of fraud and other charges under the Specific Economic Weighted Punishment Act.
The head of Discovery's investment division, the head of its operations team, and the Discovery Corporation, who were also put on trial together, were all acquitted.
The Supreme Court explained that there was no mistake in the judgment of the court below by misunderstanding the relevant laws or omitting the judgment.The head of
was arrested and charged with selling 130 billion won worth of funds to 370 people by deceiving bad bond investments as safe.
However, the first and second trial courts acquitted the defendants one after another, saying it was difficult to say that the defendants recognized in advance that the fund's underlying assets were poor, and that they had no intention of deceiving investors.
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