Korea's Supreme Court sentences Optimus Asset Management CEO Kim Jae-hyun to 40 years
Published: 14 Jul. 2022, 11:05
Updated: 14 Jul. 2022, 13:35
![Optimus Asset Management's office in Gangnam District, eastern Seoul, in 2020. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2022/07/14/0d3dbb9a-1be1-41b2-bfcb-1979abc5377a.jpg)
Optimus Asset Management's office in Gangnam District, eastern Seoul, in 2020. [NEWS1]
The Supreme Court of Korea upheld a ruling by the lower courts to sentence Kim Jae-hyun, the CEO of Optimus Asset Management riddled in one of the largest fund fraud schemes in Korea’s history, to 40 years in prison.
Kim had initially been given a 25-year sentence by a lower court in July last year. In February this year, that sentence was hiked up to 40 years by a Seoul appellate court.
Kim is accused of raising more than 1.3 trillion won ($1.08 billion) from private and institutional investors between April 2018 and June 2020, with the promise of investing the money in low-risk assets. But the promise was not kept, and the funds were invested in risky assets or refunds.
BY LIM JEONG-WON [[email protected]]
with the Korea JoongAng Daily
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