On the 7th, the Seoul Central District Court’s Criminal Division 21 (Presiding Judge Heo Kyung-moo) sentenced Mr. Lee (53), who was indicted on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, to three years in prison with a four-year suspended sentence.
The court stated, "Mr. Lee deceived victims by concealing his financial liabilities and exaggerating his influence, fraudulently obtaining 3.2 billion KRW, which is a serious offense."
However, the court also acknowledged partial responsibility on the part of the victim, explaining that "the victim was an expert in real estate sales who knowingly lent a large sum of money while anticipating exclusive sales rights for commercial facilities, despite being aware of Mr. Lee’s lack of repayment capability."
Mr. Lee was put on trial for fraudulently obtaining 3.2 billion KRW in June 2020 by falsely promising exclusive distribution rights for LCT sales.
Meanwhile, Mr. Lee’s father, Chairman Lee Young-bok of Cheongan Construction, was known as the de facto owner of LCT's development company and was a key figure in the so-called "LCT Gate" scandal.
He was indicted for embezzlement and breach of trust amounting to approximately 70.9 billion KRW, along with bribery charges involving around 530 million KRW in connection with the LCT project. The Supreme Court sentenced him to six years in prison, and he was released in November 2022.
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LCT Sales Fraud, Chairman Lee Young-bok's Son Receives Suspended Sentence in First Trial
On the 7th, the Seoul Central District Court’s Criminal Division 21 (Presiding Judge Heo Kyung-moo) sentenced Mr. Lee (53), who was indicted on charges of frau
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