A banker in South Korea “illegally borrowed billions of Korean won” on behalf of a relative – to invest in crypto, and prosecutors want to put them behind bars for a decade to set an example.
According to Newsis, the 40-year-old banker, who was called “A” by the press for legal reasons, was tried in a branch of the Jeju District Court, where he pleaded guilty to violating the law on aggravated Punishment of Certain Economic Crimes.
The court heard that from October 2019 to March 2020, A.”Illegally” spent $ 2.3Million in the credit department of an unnamed bank branch in Jeju, a subtropical island province off the south coast of the Korean Peninsula
The prosecution also stated that A made the decision after her “financial situation became difficult due to catastrophic stock market investments.” A then “manipulated with bank funds” and “illegally borrowed” the large sum to invest “in cryptocurrency.”
During the aforementioned period, Bitcoin (BTC) and most major altcoins were generally on the rise, so A most likely took a hit on a lesser-known altcoin – as the court added that the investment had been chalked up as a “LOSS”.”
A’s lawyer appealed for mercy, telling the court that they were “obliged to live an honorable life” and “return to society after faithfully serving their sentence.”
The court will convene on 28 October for sentencing.
One allegedly “lowered his head” in court and told the judge: “I am sorry for all the people who have been injured, including my family and colleagues who have all trusted in me.”
However, the prosecutor’s office called for a harsher punishment, stating:
“Crimes such as those of the accused crimes can lead to problems with public trust in financial institutions. They should be severely punished.”