V Global exchange executives face up to 8 years in prison for atrocities committed while working for the company. They were involved in a $2 billion fraud on the exchange that occurred in South Korea.
Jail Sentences For Fraud Perpetrators
V Global exchange has been operational since July 2020 and was decommissioned in April 2021. During its operation, it provided investors with a 300% return on investment in the exchange as well as bonuses for their platform activity.
With these incentives, it attracted over 50,000 investors on its platform during its operation.
In a fraud operation carried out on the platform, eight officials representing the exchange were caught and sentenced to prison.
These eight executives were part of a $2 trillion won fraud scheme on South Korea’s soil.
There were three more accomplices in this heist, but they were retained for court appearances and investigations.
According to reports circulating, on December 26th, two executives of the V Global crypto exchange, Mr Yang and Mr Oh, were sentenced to prison for a fraud operation that occurred on the exchange and were given jail time of eight years and three years, respectively.
Also read:Although they were not named by the court, four additional people were also implicated in this scheme to have stolen from investors. Three years in prison and five years of probation were imposed on these four.
Three other parties to the case who continue to maintain their innocence in the face of all accusations have not received sentences.
Court Verdict On The Remaining Executives
Regarding the three executives proclaiming their innocence, the judge overseeing the case indicated that their involvement in this case was receiving orders from those eight executives sentenced, and when the investigation got underway, they moved to destroy all relevant evidence, which hindered the investigation.
According to reports, the court was lenient with these defendants since their crimes weren’t as serious as they had been thought to be.
Evidence surfaced revealing that over 10,000 investors received incentives in addition to their investment return.
Another report shows that a few investors might have reinvested their money in this exchange just before it ceased operation.
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