A six-year prison sentence was finalized for a Korean man in his 30s who joined a "reading room investment scam" ring run by a Chinese ringleader in Cambodia, recruited Korean members, and took money from victims.
The Supreme Court's First Division (Presiding Justice Shin Sook-hee) said on the 19th that it upheld the lower court's ruling sentencing a person surnamed Kim, 32, to six years in prison in the final appeal on charges including joining and participating in a criminal organization, fraud, and violations of the Financial Investment Services and Capital Markets Act.
Earlier, a Chinese ringleader formed a criminal organization for a reading room investment scam in Phnom Penh, Cambodia. Kim moved to Cambodia in Dec. 2023 through an acquaintance's introduction and accepted a proposal from a Chinese-national Joseonjok member, who said, "We will commit fraud against Koreans using a stock reading room. Let's work together."
Kim joined as a recruiter and Korean manager when the organization set up an office in Phnom Penh in Jan. 2024. In Feb. the same year, Kim enrolled person A, who had contacted Kim, as a domestic recruiter for the organization. Kim then enrolled three people in Korea as sales team members through person A. Kim provided flights so they could travel to Cambodia and managed them during the period of the criminal organization's activities.
Recruiters in the organization received a commission of $1,000–$3,000 for each sales team member they brought in. They also received about 10% of the criminal proceeds generated by that sales team member as an incentive.
Kim and other members induced victims to sign up for fake investment sites on the mobile messenger Telegram by lying that "you can buy IPO shares at a low price and earn large revenue when they list." In June and July 2024, they took 4.36321 billion won sent by 28 victims as supposed investment funds.
During the prosecution's investigation, Kim said about why Kim went to Cambodia, "I needed money to prepare for marriage, and the chicken restaurant I ran would keep going with just my (to-be) wife there. Frankly, when I searched online, there was talk of crime, so I was worried, but I thought if it was something strange I could just come back, and after discussing it with my wife, I decided to go."
Kim also said to investigators that when some Korean members contacted Kim on Telegram asking "please save me," Kim went to Cambodia and asked the Chinese-national Joseonjok member, "please do not beat Koreans." Kim said one member showed signs of mental disturbance and was sent back to Korea.
In the first trial, Kim was sentenced to six years in prison. During the proceedings, Kim argued that Kim did not directly join and participate in the criminal organization and only introduced acquaintances, but the first trial court found that "Kim took on the role of managing Korean members in the criminal organization at issue."
The appeals court dismissed the appeal. The appellate panel noted, "In a call, Kim referred to the criminal organization at issue as 'we' and described Kimself as a member."
Kim again contested the ruling, but the Supreme Court dismissed the appeal, finding no misapprehension of the law in the lower court's decision.