A 15-year prison sentence has been confirmed for the representative of Ado International, who is accused of leading an investment scam worth 440 billion won while guaranteeing high revenue returns.
The Supreme Court's second division (Chief Justice Park Young-jae) confirmed the lower court's decision to sentence Mr. Lee, the representative of Ado International, to 15 years in prison for violating fraud and similar fundraising acts on the morning of the 1st.
Mr. Lee is accused of deceiving victims by claiming that investments in Ado International would yield a daily interest of up to 2.5%, calculated on a compound basis. Ado International has been investigated for conducting its crimes through a 'Ponzi scheme' by using new investment funds to pay interest to existing investors. The total amount lost by investors is reported to be 438.5 billion won.
Earlier, the first trial court sentenced Mr. Lee to 15 years in prison. The court stated that 'pyramid scheme fraud or similar fundraising activities target economically vulnerable individuals with a lack of knowledge and information, resulting in numerous victims in a short period.' It also noted that the harm caused by shaking the foundation of healthy economic activities and distorting market economic order is significant, necessitating strict punishment. The second trial court also followed the first trial's judgment.
The Supreme Court also dismissed the appeals of Mr. Lee and the prosecution on the same day and confirmed the lower court's ruling. The Supreme Court has also confirmed a 10-year prison sentence for an accomplice who oversaw investor recruitment. Sentences of 7 years and 2 years and 8 months were confirmed for the accomplice in charge of Ado International's computer operations and for the accomplice who assisted him, respectively.