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BTC South Korean man Jihoon Park was sentenced for investment fraud and bankruptcy court fraud
On September 8, a federal jury in Alexandria, Virginia, ruled that Jihoon Park was criminally responsible for his participation in an investment fraud scheme and for committing fraud in bankruptcy court. According to court documents and evidence presented during the trial, Park used his personal connections and previous experience with a large financial institution to persuade community members to invest his life savings and retirement funds, and promised high returns.
Amount involved and asset transfer
However, Park transferred more than $2.5 million in funds from unsuspecting community members to his own name to purchase real estate and cryptocurrency. When a victim sued Park, he had transferred assets to his wife's name and hidden millions of dollars in crypto assets before filing for bankruptcy.
Details of false declaration and conviction
During the bankruptcy proceedings, Park falsely claimed that he only owned 34 cents of financial assets and did not have any crypto assets. According to prosecutors, this ridiculous lie is intended to evade the responsibility to return any funds obtained through fraud to aggrieved creditors.
After trial, the jury found him guilty on three counts of wire fraud and two counts of bankruptcy fraud. The maximum penalties he faces are up to 20 years for each count of wire fraud and up to 5 years for each count of bankruptcy fraud.
Follow-up
Currently, the FBI Washington Bureau is investigating the case. Park's court sentencing is scheduled for Dec. 10.
