TechFlow news, on November 26, according to Dlnews, the Gwangju District Court's criminal division in South Korea delivered a verdict in a case involving a fake securities trading platform. A 43-year-old man was sentenced to eight years in prison for operating a fraudulent stock trading platform and laundering money through cryptocurrency.
The man created a counterfeit platform by stealing logos and data from well-known securities firms, deceiving 116 victims and defrauding them of up to $4.2 million. The court found that the man, together with three accomplices, laundered $2.9 million of the proceeds via cryptocurrency, involving multiple transactions across corporate bank accounts and private wallets. The three accomplices were sentenced to 3 years, 2 years and 10 months, and 2 years and 6 months in prison, respectively.
Presiding Judge Kim Young-gyu stated: "Money laundering was a key element of this criminal scheme, and the defendant played a crucial and leading role in the process, bearing significant responsibility and warranting severe punishment." The fake platform went online in June 2024 and was shut down by police in October of the same year.
