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On the 15th, Seoul Central District Prosecutors Officeasked the court to sentence Kim Young Jae to six years of jail time for charges of peculating 890,000,000 KRW (~$774,000) from five people under the pretext of raising capital for investment.
According to prosecution, Kim Young Jae borrowed a total of 895,600,000 KRW (~$779,000) from five of his acquaintances since July of last year up until March of this year. He was reported to have told the acquaintances that the money will go towards "a car warranty and loan service and yacht business," but never returned the borrowed funds.
As mentioned previously, Kim Young Jae was initially sued back in April by one of the acquaintancesidentified as 'A', whom Kim Young Jae borrowed 650,000,000 KRW (~$565,000) from and never paid him back the principal or interest.
Kim Young Jae previously insisted, "I've been borrowing and lending for nine months and paid back the high interest but because I came to a rough patch, I was looking to reach an agreement [with the lenders]," and said, "In no way was it fraud," denying the allegations.
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