A Seoul court convicted Jeong Sang-ho on reduced charges after ruling key evidence inadmissible in a $176 million fraud case.
A Seoul court sentenced Delio CEO Jeong Sang-ho to 15 years in prison for defrauding investors of approximately $49 million. The ruling followed a procedural dispute over evidence obtained from the company’s server host, which the court deemed unlawfully seized.
Prosecutors had initially accused Jeong of defrauding 2,800 victims of 250 billion won ($176 million). However, the court voided the primary charge, upholding only fallback charges covering 1,100 victims and 70 billion won ($49 million). The decision reduced the scope of the case due to violations of search and seizure protocols.
The collapse of Delio, a South Korean crypto deposit platform, had drawn regulatory scrutiny. The court’s ruling underscores challenges in prosecuting digital asset fraud amid evolving legal standards.