"Multi-level Fraud" Former CEO of Midas Partners, 16 years in prison in the first trial.

Former Midas Partners CEO Seo, who committed 350 billion multi-level fraud, was sentenced to heavy punishment in the first trial.

The Seoul Central District Court today (8th) sentenced former CEO Seo, who was handed over to trial on charges of fraud and other charges, to 16 years in prison and ordered an additional 98.4 billion won.

In addition, Hwang, who founded the company with former CEO Seo, was sentenced to seven years in prison, and four other people, including vice president and local corporate representative, were sentenced to one to five years in prison.

The court explained that former CEO Seo lured more than 5,000 victims with high interest rates and stole their investments by tricking them into turning them around.

He also criticized that the damage was severe and that the criminal proceeds were concealed while purchasing expensive defraudation items such as condo membership during the crime.Former representatives

Seo and others were put on trial in 2021, and they are accused of collecting 350 billion won worth of unfair profits from 5,000 victims by forming a multi-level similar organization.