Overview
- Prosecutors in Seoul requested a 20-year prison term during Thursday’s closing arguments under the Act on Aggravated Punishment of Specific Economic Crimes.
- They allege Jeong Sang-ho misappropriated about 250 billion won from roughly 2,800 users from August 2021 to June 2023 through misleading promotions and misuse of customer deposits.
- Delio, which advertised yields up to 10.7% APR, halted withdrawals in June 2023, leaving thousands unable to access funds and driving victim calls for a tough sentence.
- Investigators link the case to failures at Haru Invest and B&S Holdings, citing Haru’s 350 billion won loss tied to the FTX collapse that helped trigger a wider freeze across platforms.
- The Seoul Southern District Court set July 16 for a first-instance verdict, and the defense says it will compensate users only if Jeong is acquitted.