Prosecutors Want to Put ‘Bogus’ Crypto Exchange Chiefs Behind Bars for Life in Legal First - Aliens: AI Crypto News & Markets Updates

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Prosecutors Want to Put ‘Bogus’ Crypto Exchange Chiefs Behind Bars for Life in Legal First

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Cryptonews

Thu, Jan 13, 2022

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The seven alleged ringleaders behind VGlobal, a suspected high-profile South Korean scam crypto exchange that allegedly sucked in some 52,419 investors in South Korea to the tune of USD 2bn, could be handed life sentences, marking a new legal first for fraudsters operating in the sector.

KBS reported that prosecutors have asked the judge to give the seven full life sentences, in addition to fines ranging between USD 103.4m (for the mastermind and CEO) and USD 2m for senior executives.

The court has heard evidence from investors and prosecutors who explained that behind the pretense of being just another South Korean exchange, VGlobal was actually a multi-level marketing pyramid scam that promised investors outlandish profits for “recruiting” new members to the platform.

Customers were also told that they would need to stump up at least USD 15,200 in investment to “join” the exchange, the court heard – promising them “guaranteed” threefold rewards “in a matter of months.” Assets were frozen and seized and the police raided a number of premises in connection with their probe – including the VGlobal offices and a property belonging to the firm’s CEO.

A group of investors earlier this month asked the court to hand out maximum applicable sentences.

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