Tae Yong-ho’s son sentenced to 3.5 years for 1.3 million dollar crypto fraud

Tae, son of former People Power Party lawmaker Tae Yong-ho, was sentenced to three years and six months in prison for defrauding acquaintances of 1.8 billion won (1.3 million dollars) through a virtual asset investment scam. The Seoul Central District Court's Criminal Agreement Division 25, led by Judge Heo Jeong-ryong, issued the ruling. Tae was indicted and detained in May for violating the Act on the Aggravated Punishment of Specific Economic Crimes through fraud. Prosecutors stated that Tae deceived acquaintances into believing he would invest in a virtual asset business, taking Bitcoin and cash from them over approximately two years starting in May 2023.

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