Six individuals identified as top-level executives in the defunct V Global have received varying degrees of jail time for their role in the debacle.
A report from Economist.co.kr revealed that C-level executives, only known as Mr. Yang and Mr. Oh, were given eight and three years in jail, respectively. Four other key operatives received three years each for their involvement in the scheme that robbed investors of $1.5 billion.
Three individuals contesting the court’s decision have been released on bail “to defend themselves,” while the other convicted individuals appear to have accepted their fate. The court stated that the accused were found guilty of violating the provisions of the Act on Aggravated Punishment of Specific Economic Crimes.
“The defendants only trusted the V Global management team, evaded responsibility, and once the investigation began, they destroyed evidence and interfered with the investigation,” read the judgment from the 12th Criminal Division of the Suwon District Court.
Given the sentences, some commentators have opined that the court’s decision was lenient given the scale of fraud perpetrated by the convicts. Police investigations disclose that almost 100,000 investors fell victim to the scheme, being roped in by claims of impressive returns of 300%.
The total amount raised from victims was pegged in the region of $1.5 billion in the window the scheme operated. V Global began operations in July 2020 before shutting down less than…
