ZoPD sentenced for fraud charges

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ZoPD sentenced for fraud charges

Singer and producer ZoPD was sentenced to two years in prison with three years of a suspended sentence by the Seoul Central District Court on Friday for attempted fraud regarding prepayment from a company.

In 2015, the singer signed a contract and transferred the assets of his record label Stardom Entertainment to another company because the agency was facing a considerable deficit.

He then received about 12 billion won ($10.6 million) as payment in advance, telling the company that he had already invested the same amount to his agency’s boy band Xeno-T, and that he would transfer all authority over the boy band to the company if they paid him upfront. He also said that if the band made profit in the future, the prepayment could be withdrawn.

However, he did not report that he had previously made 270 million won from Xeno-T’s concerts in Japan in 2014.

“The profits from the concerts amount to 23 percent of the payment received by the singer,” the court announced. “If the singer had reported the profits to the company, they would not have made a contract, or at least, the contract would have looked very different.”

By Yeo Ye-rim
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