Lawmaker's son ordered to pay $620,000 in investment scam case

The son of former lawmaker Tae Young-ho has been ordered to pay over 867 million won (approximately $620,000) in damages to a victim of a cryptocurrency investment scam. The ruling was confirmed as the victim did not appeal the decision, which was initially made by the Seoul Central District Court's Civil Division 30 on June 4.

“

We are all involved. Even the police are involved.

The court determined that Tae's son, identified as Tae A-mo, deceived the victim, identified as 'A', into investing approximately 1.1 billion won in virtual assets and cash under the pretense of a virtual asset exchange business. Victim 'A' filed the lawsuit in September after discovering that Tae's son was under police investigation. The court found that Tae's son exploited his father's political position and claimed connections with police officials to build trust with the victim.

During the investigation, Tae's son allegedly told the victim, "We are all involved. Even the police are involved," and "The head of the security division said he would help if there were problems." He also claimed to have met with a police officer who would oversee their business. Furthermore, he reportedly told the victim that a "personal protection team composed of the strongest detectives in Korea" was formed when his family first arrived in South Korea. The court recognized these deceptive actions as the cause of the victim's financial losses and held Tae's son liable for damages.

“

The head of the security division said he would help if there were problems. I'm meeting a police officer today. He's the older brother who will watch over our business going forward.

In addition to the civil lawsuit, Tae's son faces criminal charges. He was arrested and indicted in May on charges including fraud under the Act on Special Cases Concerning the Punishment of Specific Economic Crimes. The prosecution alleges that he defrauded a total of seven victims of approximately 1.4 billion won through the cryptocurrency investment scheme.

“

When our family came to Korea, a personal protection team composed of the strongest detectives in Korea was formed.