KRW 11.6 Billion P2P Fraud 'Top Fund' CEO Sentenced to 6 Years and 9 Months

The representative of a financial company between individuals who committed investment fraud worth 10 billion won has been sentenced to six years and nine months in prison.

The Supreme Court upheld the lower court's ruling, which sentenced Lee, the head of the "Tam Fund," to six years and nine months in prison and a fine of 20 million won for "Top Platform" Co., Ltd.

Lee was put on trial in 2020 on charges of stealing 11.6 billion won from 1,200 people by deceiving them that they would provide principal and 17% annual interest if they paid for other corporation loan products.

Lee admitted to the fraud charges but denied that he had ever promised to guarantee the principal, but the court judged that he had actually promised the principal guarantee based on his promotion of the payment guarantee contract.