Prosecutors have requested a five-year prison sentence for the son of Tae Yong-ho, a former lawmaker of the People Power Party, who is accused of defrauding investors of 1.4 billion won (approximately $1.1 million) through a virtual asset investment scam.
The first hearing of the case against Tae's son, Tae Mo, was held on July 7 at the Seoul Central District Court, presided over by Judge Heo Jeong-ryong. During the hearing, prosecutors asked the court to impose a five-year prison term.
Tae Mo was arrested and indicted in May for allegedly receiving about 1.4 billion won from acquaintances under the pretense of investing in virtual assets and promising returns. Prosecutors suspect that he exploited his status as the son of a prominent politician to solicit investment funds while failing to actually invest the money in virtual assets.
Prosecutors highlighted the severity of the offense, noting the total amount of 1.4 billion won involved, the exploitation of trust from victims, and the use of a so-called 'Ponzi scheme' to repay debts with other investors' money. They stated, "The nature of the crime is serious."
They also pointed out that the victims have yet to recover their losses and that repayment seems unlikely, which contributed to their request for a five-year sentence.
In his closing argument, Tae Mo's attorney pleaded for leniency, stating, "He has cooperated with the investigation by providing financial transaction records and virtual asset trading details." Tae Mo himself expressed remorse, saying, "I was wrong. Please grant me leniency just this once."
The court has scheduled a ruling for September 2. Previously, the same court ordered Tae Mo to pay 800 million won in damages to the victims in a related civil lawsuit.
* This article has been translated by AI.
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