South Korea seeks 20-year sentence for Delio CEO over $169M crypto fraud
Prosecutors say Jeong Sang-ho’s “active deceptive acts” left nearly 2,800 investors frozen out of their funds, as South Korea’s crackdown on the crypto industry widens.
South Korean prosecutors have requested a 20-year prison sentence for the CEO of crypto deposit service Delio, calling the scale of alleged fraud against thousands of investors “massive.”
During closing arguments at the Seoul Southern District Court on Thursday, prosecutors asked the court to sentence Jeong Sang-ho under the Act on Aggravated Punishment of Specific Economic Crimes, citing what they described as deliberate deception and false promotion that left nearly 2,800 victims without access to their funds, according to the Korean news agency Yonhap.
“The defendant’s active deceptive acts and false promotion have resulted in numerous victims, and the scale of the damage is massive,” prosecutors reportedly said, adding that Jeong was “exacerbating their suffering by evading responsibility and maintaining an uncooperative attitude.”