According to ChainCatcher news from cryptonews, three accomplices related to V Global were sentenced to three years in prison with a suspended sentence and each will undergo five years of probation. They were also fined 660 million won (approximately 474,000 USD), 426 million won (approximately 306,000 USD), and 259 million won (approximately 186,000 USD) respectively. The court found that the three had attracted customers to this “disguised exchange” through multi-level marketing, helping to deceive about 50,000 investors, with the amount involved being approximately 1.4 billion USD.
The judge stated in the ruling that the three “caused astronomical losses by taking advantage of the cryptocurrency asset boom,” but also considered that some victims had received rebates, leading to a suspended sentence. Previously, the CEO of V Global was sentenced to 25 years in prison as the principal offender by the South Korean Supreme Court in 2023, while several other executives received prison sentences ranging from 14 years to 4 years.
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